While Bitcoin price struggled not to breached $ 32,000, many smaller-cap cryptocurrencies up almost 30% in the past 24 hours
While Bitcoin price struggled not to breached $ 32,000, many smaller-cap cryptocurrencies have rebounded strongly, some up almost 30% in the past 24 hours. At press time, BTC is trading around $ 32,496, recording a near 9% drop in the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price is moving sideways but could decline at any time
During the last 24 hours, the leading cryptocurrency’s price trading between $ 30,987 – $ 33,088 was the lowest and highest.
According to data from CoinMarketCap, the volume of Bitcoin transactions during this period was $ 47.9 billion, the market cap was recorded at $ 598.3 billion. Bitcoin is stuck in the $ 32,000 – $ 33,000 range. Despite its best efforts, BTC is still in danger of breaching below $ 32,000 at any time.
However, many traders and analysts still hold a positive stance on Bitcoin. Even some are optimistic that the Bitcoin price will reach $ 100,000 before the end of 2021.
Notably, while Bitcoin is facing resistance around the $ 33,000 zone, many of the smaller-cap altcoins have risen sharply. Accordingly, Etherum rose 15% to $ 1,426 over the past 24 hours, pushing its market cap to $ 163 billion.
Uniswap jumped 30.9% to $ 12.2, pulling its capitalization soaring to $ 3.4 billion. Aave rose 27.7% to $ 267, helping the market cap hit the $ 3.3 billion mark.
Some other Altcoin in the Top 10 CoinMarketCap such as XRP, Cardano, Litecoin, Bitcoin Cash … also increased slightly by 4% – 6%.
The total market cap recorded at the time of writing is $ 976 billion, up 4.08%.
Bitcoin is a cryptocurrency with strong price volatility. In 2020, this cryptocurrency is up nearly 300%. The reason is that more and more investors are pouring capital into crypto. In the context of the COVID-19 pandemic, central banks around the globe must sharply lower interest rates and pump money to save economic growth, causing devaluation pressure on paper money, paving the way for the rise of wealth. real estate like gold or Bitcoin.
Many investors believe that once Bitcoin is fully mined, the value of the digital currency will only increase. A series of big names in the world financial world such as BlackRock, Square, PayPal … recently have statements or actions in favor of Bitcoin.
Previously, in December 2017, the Bitcoin price increased to nearly $ 20,000 and then fell below $ 3,300.
In November 2020, this currency exceeded the threshold of $ 19,000 and then plummeted again before a sharp rise. Although Bitcoin is noticed by many individuals and organizations, most countries currently do not recognize Bitcoin or cryptocurrency.
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