Bitcoin Price continued to drop for the second straight day on Thursday. The world’s largest crypotcurrency was trading at $48,373, up 0.43 per cent at the time of this article. The cryptocurrency on Monday surged to $50,000, which happened for the first time after the crash that happened in May this year. In April, the world biggest currency Bitcoin surged and hit an all-time high at $65,000. Bitcoin has risen and recovered after hovering in the range of $30,000 to $40,000 for many weeks. Bitcoin steeply fell from $65,000 in April to $28,800 in June, after a massive sell-off in June and July, triggered by Chinese ban on the corporates, financial companies, payment companies, providing services related to cryptocurrency.
This week two announcements made by Paypal and Coinbase pulled up the Bitcoin around $50,000 mark.
According to Zebpay trade desk, Bitcoin has touched the $50,000 mark for the first time since May and has surged almost by 72 per cent from its recent low of $29,301. Technically on the weekly time frame, the asset is trading in an uptrend forming a ‘Higher Highs Higher Lows’ pattern. BTC may face some resistance around $51,109 levels (61.8 per cent Fibonacci Retracement Level) and if these levels are breached with good volumes then we can expect the asset to further rally up to $57,000.
On the other hand, Ether, the rival currency of Bitcoin was trading at $3166 or down 0.86 per cent at the time of this article. It was trading up 5.97 per cent over the last week. The market cap for Ether stood at $375.72 billion. The third spot was occupied by Cardano, which was trading at $2.66, down 3.53 per cent at the time of this article. The Cardano was trading up 26.31 per cent over the last week.
Binance Coin stood at $501.72, up 4.09 per cent over the past 24 hours. The Binance Coin was trading up 26.41 per cent over the last week. The market cap for Binance Coin stood at $85.5 billion.
The total crypto market volume over the last 24 hours is $112.54B, which makes a 5.19 per cent decrease. The total volume in DeFi is currently $15.72B, 13.97 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $88.73B, which is 78.84 per cent of the total crypto market 24-hour volume, as per the Coinmarketcap.com.
“The cryptocurrency spectrum kept searching for a sturdy support. Bitcoin hovered above the $48,000 level, allowing bears to enter the markets. Despite a minor correction, there is no reason to fret. The bulk of the activity is in the derivatives market as over $1.7 billion worth of contracts will expire in the next two days. Long-term investors should choose to ignore such noise in the crypto markets. Markets would look to find support towards the end of this month,” Edul Patel, CEO and co-founder, Mudrex- A Global Crypto Trading Platform said.
Here are the top cryptocurrencies and their prices on August 25, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $48,373 or -0.43 per cent change in 24 hours
Ethereum $3,166 or -0.86 per cent change in 24 hours
Cardano $2.66 or -3.53 per cent change in 24 hours
Binance Coin $501.72 or 4.09 per cent change in 24 hours
Tether $1.00 or 0.01 per cent change in 24 hours
XRP $1.14 or -1.79 per cent change in 24 hours
Dogecoin $0.2831 or -3.44 per cent change in 24 hours
USD Coin $1.00 or 0.00 per cent change in last 24 hours
Polkadot $25.28 or -3.69 per cent change in 24 hours
Solana $70.65 or -1.77 per cent change in 24 hours
Uniswap $26.67 or 1.54 per cent change in 24 hours
Terra $28.75 or -6.61 per cent change in 24 hours
Bitcoin Cash $633.09 or -1.82 per cent change in 24 hours