Bitcoin and other cryptocurrencies were trading green on Friday. Bitcoin was trading 6.35 per cent higher or $47,082.54 over the past 24 hours. The top digital currency was trading at 4.55 per cent over the past seven days according to information on CoinMarketCap. At the time of writing, this article Bitcoin had maintained a market dominance of 43.65 per cent with a decrease of 0.21 per cent over the course of the day. Other major altcoins were also trading green on Friday.
Speaking on the performance of Bitcoin in the market, the CoinDCX Research Team said, “While the pace of economic activity has strengthened, the path of the economy continues to depend on the course of the virus. The Delta variant’s impact on the economic recovery continues to drive some of the volatility in the markets. Against this backdrop, we expect to see “seesaw market” where we will see the price of cryptocurrencies move back and forth. Currently, the price of Bitcoin still sits under the US$45,000 threshold with the global cryptocurrency market cap sitting a US$1.9 trillion, down 0.62 per cent from the last day. But as mentioned previously, this price trend may well reverse over the next couple of days.”
On Friday, the altcoins were performing quite well in the market as the majority of them were trading green. Ethereum was trading up at 7.89 per cent over the past 24 hours at the time of this article, with the price of Ether standing at $3,223.60. Over the past seven days, the altcoin was trading upwards by 3.82 per cent. Binance Coin, which was formerly the third strongest coin slipped down and gave way to Cardano, which took its place. Cardano was trading at 14.91 per cent or $2.43 according to data derived from CoinMarketCap. Binance Coin on the other hand was trading green at 8.76 per cent or $429.89. Over the last seven days, Binance maintained an upwards trend of 9.72 per cent data revealed.
The total crypto market volume over the last 24 hours was trading up at 4.64 per cent making it stand at $112.76 billion. The total volume in DeFi at the time of this article was $16.85 billion or 14.94 per cent of the total crypto market’s 24-hour volume.
Speaking on the trends in the cryptocurrency market, Edul Patel, the CEO and Co-founder of Mudrex said, “Most of the top cryptos by market capitalization managed to hold their crucial levels. However, in terms of performance, it was clearly a day for the Altcoin enthusiasts. One of the most promising and undervalued cryptos, Algorand, shot up 17% after around eight weeks of consolidation. On the technical front, both long and short positions increased during the consolidation phase. Exchange data shows that the inflection point is at $45,000 for Bitcoin. It suggests that sentiments have improved across the spectrum.”
Here are the top cryptocurrencies and their prices on August 20, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $47,082.54 or 6.35 per cent change in 24 hours
Ethereum $3,223.60 or 7.89 per change in 24 hours
Cardano $2.43 or 14.91 per cent change in 24 hours
Binance Coin $429.89 or 8.76 per cent change in 24 hours
Tether $0.99 or 0.08 per cent change in 24 hours
XRP $1.21 or 7.03 per cent change in 24 hours
Dogecoin $0.3167 or 6.17 per cent change in 24 hours
USD Coin $0.9998 or 0.05 per cent change in last 24 hours
Polkadot $23.86 or 10.38 per cent change in 24 hours
Solana $64.89 or 9.15 per cent change in 24 hours
Uniswap $28.07 or 9.26 per cent change in 24 hours
Bitcoin Cash $655.60 or 4.59 per cent change in 24 hours
Terra $29.63 or 9.78 per cent change in 24 hours