Bitcoin price has risen slightly by 2% while some smaller altcoins have flourished, market differentiation is quite strong
Bitcoin price has risen slightly by 2% while some smaller altcoins have flourished, market differentiation is quite strong. Statistics show that, during this time, Bitcoin was trading as low as $ 47,127 and highest recorded at $ 49,686.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price fluctuates slightly, while the market continues to diverge
According to CoinMarketCap, Bitcoin transaction volume over the last 24 hours was $ 34.1 billion, market cap was recorded at $ 915 billion. The picture of the cryptocurrency market has a clear differentiation. The group that plunged according to Bitcoin included Tether down 0.13%, Cardan down 3.8%, Polkadot down 0.8%, Stellar down 0.5%. On the other side, Ethereum increased by 9.5%, Binance Coin increased 1.01%, XRP increased by 1.2% …
Total market capitalization recorded USD 1,520 billion, an increase of 1.2%.
Bitcoin recently plunged sharply after peaking at $ 58,000, but many experts still believe in this leading virtual currency. According to Jesse Powell, chief executive officer of crypto exchange Kraken Bitcoin will become the currency of the world.
Powell emphasized that the dollar is only 50 years old and is showing signs of weakness so soon people will start to calculate the price of everything in Bitcoin.
Powell added when asked about Bitcoin’s future price:
“In the short term, people see Bitcoin surpassing gold as a store of value. I think a $ 1 million price tag over the next 10 years is very reasonable.”
Such predictions are nothing new for the crypto market. In the summer of 2020, Powell firmly predicted that, after two years, the price of the most popular cryptocurrency will increase to $ 100,000.
For now, however, the USD remains the world’s reserve currency and the standard currency in world trade, although its value decreased slightly last year.
Bitcoin in particular and the cryptocurrency market, in general, have been continuously volatile since the beginning of 2021. According to many professional traders, this is partly exposing Bitcoin’s volatility and bubble risk even with the participation of large investors.
Bitcoin is also currently under pressure from negative comments from major investors and regulators. In an interview with Bloomberg recently, billionaire Bill Gates affirmed that Bitcoin is not something retail investors should buy.
US Treasury Secretary Janet Yellen also stressed that Bitcoin should not be widely used as a transaction mechanism. According to her, Bitcoin is highly speculative, volatile, risky for investors, and often used for illegal financial purposes.
BCA Research – an independent provider of global investment research and investment strategy investment – has just reported a negative report on Bitcoin. According to the BCA Research report, the amount of electricity needed to mine Bitcoin and the prospect that governments will create more obstacles with the world’s largest cryptocurrency will cause it to lose much of its value over time.
Many companies are interested in Bitcoin in connection with the technological mystery of digital currency. However, when ESG funds start to flee Bitcoin, its price plunges.
You can see the BTC price here.
Read more:
- Bitcoin Price Shows Signs Of Recovery Into A Plunge, Altcoins Increased Slightly From 2% – 3%, Most Notably ADA
- Bitcoin Price Failed To Maintain The Price Above $ 50,000 And Has Plunged 5.1% In The Past 24 Hours, Most Of The Other Coins Are Also In The Red