Bitcoin has shown some gains on Thursday, trading at $50.267.12, up 6.20 per cent. In the past, China’s regulatory crackdown pushed the Bitcoin to touch an all -time low and also made the cryptocurrency market volatile, so much so that Bitcoin oscillated between highs and lows. Bitcoin touched a low of $28,000 in June and high of $75,000 in April. Also, the largest currency Bitcoin’s dominance witnessed an increase of 0.08 per cent and currently stands at 42.16 per cent. On the other hand, Ethereum, the viral currency of Bitcoin, was also trading in the green at $3,742.55, up 6.48 per cent. Amongst the basket of cryptocurrency, barring Tether, USD Coin, Binance USD were trading in the red on Thursday.
“BTC remained muted over the past few days, yet most of the Altcoins made significant bullish movements. However, it was a totally different story over the past 24 hours. We witnessed massive volatility where BTC moved significantly higher. It made the already pumped-up Altcoins move even higher. The largest Altcoin, Ether, made a huge jump from the day’s low of $3384 and moved closer to the $3800 mark. Most of the other top Altcoins replicated a similar move. The crypto fear and greed index is at 71 for the past couple of weeks, indicating a massive bullish momentum prevailing in the markets. The entire crypto market capitalization moved a massive 4 per cent higher over the previous day and stood close to $2.18 trillion. Traded volumes were significantly high, indicating the buying pressure across the spectrum,” Edul Patel, CEO and co-founder, Mudrex- A Global Crypto Trading Platform, said.
In the last two weeks, favourable developments in the world of cryptocurrency led to a sharp rally in the prices of cryptocurrency. After Raghuram Rajan, former RBI governor of India’s comment regarding cryptocurrency, on Wednesday, well known tennis player Naomi Osaka showed her interest in cryptocurrency. Yesterday, she took to Twitter and said, “I was actually just talking with my agent about cryptocurrencies,” Osaka said in an interview to Bloomberg. “I know that online, everything is getting bigger. I remember reading about Dogecoin … there’s going to be something new and interesting that’s going to pop up.” On Thursday, the global crypto market cap is $2.24 trillion, which is a 5.89 per cent increase over the last day. The total crypto market volume over the last 24 hours is $129.10 billion, which makes a 0.99 per cent decrease. The total volume in DeFi is currently $15.84 billion, 12.27 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $97.60 billion, which is 75.61 per cent of the total crypto market 24-hour volume.
“Bitcoin is officially on track to become a legal tender in El Salvador in the coming days. (by September 7th). Customarily, any such major update is often met with resistance. Consequently, certain volatility is expected in the coming week. For the third time in a couple of weeks, Ethereum tried to break out of a bull flag pattern on the daily charts and met with rejection at the flag’s resistance. The bulls appear to be collectively ready to breach that resistance and would only be a matter of time unless Bitcoin drags the market downhill,” Siddharth Menon, COO WazirX said.
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