Bitcoin on Friday was up 1.26 per cent and was trading at $46,591. On the other hand, rival currency Ethereum was down 0.50 per cent at $3,453.61. The market cap of both the virtual currencies stood at $876.5 billion , $406.3 billion respectively. In April, after reaching an all-time high of $75,000, Bitcoin slid to a low. But the future of Bitcoin looks quite promising. A new cryptocurrency research team at Standard Chartered has predicted bitcoin will double in value and hit $100,000 by early next year and that it could be worth as much as $175,000 longer-term. The bank also said it “structurally” valued Ethereum, the second-most traded crypto asset, at $26,000-$35,000 although to reach that level bitcoin would have to be near $175,000.
The global crypto market cap is $2.14 trillion , a 3.12 per cent increase over the last day. The total crypto market volume over the last 24 hours is $144.37 billion, which makes a 19.35 percent decrease. The total volume in DeFi is currently $24.01B, 16.63 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $111.15 billion, which is 76.99 per cent of the total crypto market 24-hour volume. However, Bitcoin’s dominance is currently 41.00 per cent, a decrease of 0.44 per cent over the day.
“Bitcoin has broken out of a 4 month downtrend that started from April 2021 and is showing signs of trend reversal. It started making higher highs and higher lows from Aug 2021. After the breakout the price is consolidating between the megaphone pattern on 4 hourly time frames. It is trading right at the support of the megaphone pattern after the correction. The correction triggered profit booking followed by liquidation of leveraged long positions which had a cascading effect taking the Bitcoin price to $43200 level. Markets are kind and offer opportunity to new Investors through such corrections. Investors psychology is to buy the dip but very less percentage of Investors actually buy the dip. Most of us wait for the bottom to buy and top to sell. In reality that is an impossible task. Staying Invested in markets has always been more rewarding than timing the market,” Siddharth Menon, COO, Wazir X said.
Cardano, one of the cryptocurrencies, was trading at $2.54, up 4.67 per cent, Binance Coin was trading at $431.20, up 5.17 per cent.
Here are the top cryptocurrencies and their prices on September 10, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $46,591 or (1.26 per cent) change in 24 hours
Ethereum $3,453.61 or (-0.50 per cent) change in 24 hours
Cardano $2.54 or (4.67 per cent) change in 24 hours
Binance Coin $431.20 or (5.17 per cent) change in 24 hours
Tether $1.00 or (+0.04 per cent) change in 24 hours
XRP $1.13 or ( 4.34 per cent) change in 24 hours
Solana $193.30 or (-7.11 per cent) change in 24 hours
Dogecoin $0.2568 or (1.98 per cent) change in 24 hours
USD Coin $1.00 or (+0.00 per cent) change in last 24 hours
Polkadot $31.80 or (15.69 per cent) change in 24 hours
Uniswap $23.86 or (2.84 per cent) change in 24 hours
Bitcoin Cash $669.72 or (0.15 per cent) change in 24 hours
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