Bitcoin on Friday opened in red and was trading at $ 47,870.66, down 0.12 per cent. However, the global market cap of Bitcoin on Friday stood at $900.47 billion. On the other hand, the rival currency of Bitcoin, Ethereum, was also trading in the red zone, down 0.53 per cent at $3568.72. In the list of names, speaking about the bright prospect of Bitcoin, the new entrant is Austrian investor and fund manager Ronald-Peter Stoeferle who said the sentiment for gold is already so negative that it may soar to new all-time highs in the next few months. About cryptocurrency, Stoeferle, managing partner at Incrementum AG, said if Bitcoin is there for the next 5 to 10 years, it may touch a level “we cannot currently imagine”. Stoeferle was asked whether he feels that gold is dead and if cryptocurrency like Bitcoin has played a role in undermining the precious metal? He said the global financial markets have reached a “monetary tipping point”.
The global crypto market cap is $2.17 trillion, a 0.84 per cent decrease over the last day. The total crypto market volume over the last 24 hours is $110.92 billion, which makes a 10.80 per cent increase. The total volume in DeFi is currently $20.46 billion, 18.45 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $86.78 billion, which is 78.24 per cent of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 41.57 per cent, an increase of 0.19 per cent over the day.
“Beginning last week, Ethereum formed a distinctive double bottom pattern indicating an upward cycle in the shorter time period. Ethereum, to a greater extent, has managed to recover from a critical level of support, which could potentially see an upswing towards $5,000 levels. The total ETH available on different trading platforms has also seen a considerable dip. This short supply again indicates a definitive price upside.” Siddharth Menon, COO, WazirX said.
Menon, throwing light, said, the Altcoin market is expected to follow the Ethereum trend cycle. Litecoin(LTC), after the recent Walmart debacle, has slowly started to indicate a pattern breakout. LTC would be one of the cryptocurrencies which will be accepted by AMC, one of the world’s largest chain of movie theatres. This only strengthens the overall belief that cryptocurrencies and blockchain technology are here to stay and will see a brighter future. decentralized and is her”
Cardano was also trading $2.41, down 1.96 per cent. However, the market cap of Cardano was $77,45 billion. Binance was trading at $419.59, down 1.74 per cent.
“The past 24 hours witnessed some consolidation across the crypto spectrum. After two consecutive days of rally, the largest cryptocurrencies by market capitalisation consolidated around the resistance levels. Bitcoin fell lower after touching the $48,000 mark, and Ether faced pullback around the $3600 mark. Cardano continued to remain under bearish dominance as it struggled to go past the $2.50…
Read more:Bitcoin Price Today Falls Below $47,800; Ether Sees Huge Drop. Top Cryptocurrency
