Bitcoin On Friday, it was trading at $ 46,591 with a gain of 1.26 percent. On the other hand, rival currency Ethereum was down 0.50 percent at $3,453.61. The market capitalization of both virtual currencies was $876.5 billion, $406.3 billion respectively. In April, after hitting an all-time high of $75,000, bitcoin turned lower. But the future of bitcoin looks quite promising. A new cryptocurrency research team from Standard Chartered has predicted that bitcoin will double in value and reach $100,000 early next year and could be worth $175,000 long-term. The bank also said that it is “structurally” the value of the second most traded crypto asset, Ethereum, at $26,000-$35,000, although bitcoin would need to be closer to $175,000 to reach that level.
The global crypto market cap stands at $2.14 trillion, up 3.12 percent from the previous day. The total crypto market volume in the last 24 hours is $144.37 billion, which is a decrease of 19.35 percent. The total volume of DeFi currently stands at $24.01B, which is 16.63 percent of the total 24-hour volume of the crypto market. The volume of all stablecoins is now $111.15 billion, which is 76.99 percent of the total 24-hour crypto market volume. However, bitcoin dominance currently stands at 41.00 percent, down 0.44 percent throughout the day.
“Bitcoin has broken out of a 4-month downtrend that began in April 2021 and is showing signs of a trend reversal. It started making higher highs and higher lows from August 2021. Price following the breakout megaphone pattern on the 4-hour time frame It is trading at the support of Megaphone pattern after a correction. Correction triggered profit booking followed by liquidation of leveraged long positions with a massive impact that took bitcoin price to the level of $43200 Markets are kind and provide opportunities to new investors through such corrections. Investors’ psychology is to buy dips but a very small percentage of investors actually buy dips. Most of us wait to buy from the bottom and sell at the top. It is actually an impossible task. Investing in the market has always been more rewarding than when it is market time,” said Siddharth Menon, COO, Vazir X.
One of the cryptocurrencies, Cardano was trading up 4.67 per cent at $2.54, Binance Coin was trading up 5.17 per cent at $431.20.
Here are the top cryptocurrencies and their prices as of September 10, 2021 (data from coinmarketcap.com when the article was published)
Bitcoin converts to $46,591 or (1.26 percent) in 24 hours
Ethereum converts to $3,453.61 or (-0.50 percent) in 24 hours
Cardano converts at $2.54 or (4.67 percent) in 24 hours
Binance Coin converts to $431.20 or (5.17 percent) in 24 hours
Tether converts at $1.00 or (+0.04 percent) in 24 hours
XRP converts to $1.13 or (4.34 percent) in 24 hours
Solana converts to $193.30 or (-7.11 percent) in 24 hours
Dogecoin is $0.2568 or (1.98 percent) converted in 24 hours
USD coin changed by $1.00 or (+0.00 percent) in last 24 hours
Polkadot $31.80 or (15.69 percent) converts in 24 hours
Uniswap converts to $23.86 or (2.84 percent) in 24 hours
Bitcoin Cash converts to $669.72 or (0.15 percent) in 24 hours
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