Bitcoin Prices fell by 2.82 percent to $47,055. ether It was trading at 3218.52 with a gain of 0.83 percent. Within the past two weeks, bitcoin surged above $50,000 and settled at $47,000. Some positive developments have led to a sharp jump in the price of bitcoin, although comments made by famous people about bitcoin or cryptocurrency That’s dragging down its prices in a big way. And in the latest twist and turn, billionaire hedge fund manager John Paulson said there is no intrinsic value attached to cryptocurrencies except for a “limited amount”. He added that the entire segment is “very volatile” and bitcoin went from $5,000 to $45,000 in a short period of time. “Cryptocurrencies, no matter where they are trading today, will eventually prove worthless. Once the enthusiasm wears off, or liquidity dries up, they will go to zero. I would not recommend anyone to invest in cryptocurrencies ,” Paulson said. However, former RBI governor Raghuram Rajan said yesterday, “Crypto currencies, which have yet to achieve legal tender status in most parts of the world, have a “potential future” if they are well regulated.
Cardano, another cryptocurrency, was down 1.49 percent at $2.80. Cardano has a market cap of $89 billion. As on Tuesday, the global crypto market cap stands at $2.05 trillion, down 2.11% from the previous day. The total crypto market volume in the last 24 hours is $108.84 billion which is an increase of 20.07 percent. DeFi’s total volume currently stands at $17.21 billion, which is 15.81 percent of the total 24-hour cryptocurrency market. The volume of all stablecoins is now $83.75 billion, which is 76.95 percent of the total 24-hour crypto market volume. Furthermore, according to Coinmarketcap.com, the dominance of Bitcoin has also seen a drop of 0.49 percent.
Dogecoin was trading down 4.62 percent at $0.2731, the Binance Coin price also fell 4.18 percent to $457.19. Dogecoin has a market cap of $35 billion and Binance Coin at $76.758 million.
“We have seen bitcoin fluctuate between $47,500 and move towards $49,000 over the past 24 hours. Currently, BTC has significant support at $46,230, and a strong resistance is at $50,000. Crypto-analytics platform, Santiment, Said that the market is set to bounce back after the recent rejection of $50,000, as many traders are getting impatient. However, the markets had other plans altogether. The new week began with most cryptocurrencies falling. Solana (SOL) was the only exception, as it increased by about 7.5%. We saw the overall market cap fall by about 2.83%. Trade volume decreased by 7%. Traders are currently turning to the market for directional signals We are looking at and therefore refraining from taking aggressive trades. We may see Bitcoin moving towards the $50,000 mark this week,” said Edul Patel, CEO and Co-Founder, Mudrex- a global crypto trading platform .
Here are the top cryptocurrencies and their prices as of August 31, 2021 (data from coinmarketcap.com when the article was published)
Bitcoin turns $47,055 or -2.82 percent in 24 hours
Ethereum $3,218.52 or 0.83 percent change in 24 hours
Cardano turns $2.80 or -1.49 percent in 24 hours
Binance Coin turns $457.19 or -4.18 percent in 24 hours
Tether converts $1.00 or -0.03 percent in 24 hours
XRP converts to $1.12 or -1.36 percent in 24 hours
Dogecoin converts to $0.2731 or -4.62 percent in 24 hours
USD coin $1.00 or -0.00 percent change in last 24 hours
Polkadot converts to $26.38 or -3.85 percent in 24 hours
Solana $114.19 or -13.64 percent change in 24 hours
Uniswap $26.50 or 0.35 percent change in 24 hours
Terra is $33.71 or -2.49 percent change in 24 hours
Bitcoin Cash turns $628.51 or -4.11 percent in 24 hours
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