Bitcoin, on Wednesday, was trading at above $48,000 at the time of this article. The cryptocurrency was trading in the red after hitting a high of above $50,000, which was not seen since May of 2021. Bitcoin was trading at $48,210.85, which was witnessing a trend of 2.12 per cent over the last 24 hours according to CoinMarketCap.com. Over the course of the last seven days, however, the coin had been trading at 7.88 per cent with a market cap of $904.90 billion. Bitcoin had maintained a market dominance of 43.71 per cent with an increase of 0.36 per cent over the course of the day according to the crypto listing website.
Speaking on the recent developments of Bitcoin in the market, Edul Patel, the CEO and Co-founder of Mudrex said, “The past 24 hours were a major profit booking session. We witnessed a selloff across the entire crypto spectrum. Over the past couple of days, Bitcoin consolidated around the $50,000 mark. Bears found the perfect opportunity to bring the markets down after the bulls cooled off, and several investors booked profits. We witnessed a bigger dip across the Altcoins after days of intense rallying. The coming 24 hours could continue to be another bearish session.”
Other major altcoins like Ethereum were trading at $3,202.19 or 3.14 per cent lower at the time of this article. It was trading up at 6.13 per cent over the last week. The market cap for Ether stood at $374.76 billion. The third spot was occupied by Cardano, which was clocking in at $2.78 with a downward trend of 2.94 per cent over the past 24 hours. However, the coin saw an upward trend of 42.56 per cent over the past 7 days. Binance Coin stood at $482.30 as it was trading at 2.93 per cent down over the past 24 hours.
Speaking on the performance of Ether, Siddharth Menon, the COO WazirX said, “Ether continues to maintain its strength against Bitcoin leading the pact of Altcoins. Currently, 7 per cent of total ETH supply is staked for ETH 2.0, this shows the markets are really optimistic about Ether which is a strong indication of a bull run in Altcoins.”
He went on to add, “Projects like Cardano, Binance smartchain and Solana solving one of the critical problems of scaling through smart contracts shows tremendous strength against Bitcoin. One has to factor in the volatility of Altcoins before investing in them.”
The global crypto market cap stood at $2.07 trillion with a downward trend of 3.18 per cent over the last day. The total market volume over the last 24 hours was $117.63 billion which indicated an increase of 0.91 per cent.
“The overall crypto market looks strong as it trades above the 9-day EMA (Exponential Moving Average). The reversal was seen from 20th July 2021 and since then the crypto markets has been taking support on 9-day EMA and successfully trading above it. The chart seems to be forming the right side of the cup pattern, generally this pattern is seen in bull markets during consolidation phase. Once it breaks the previous ATH (All time high) of $2.57 trillion, the crypto markets will go in price discovery mode,” said Menon, while talking about the performance of the overall market.
Here are the top cryptocurrencies and their prices on August 25, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $48,210.85 or 2.12 per cent change in 24 hours
Ethereum $3,202.19 or 3.14 per cent change in 24 hours
Cardano $2.78 or 2.94 per cent change in 24 hours
Binance Coin $482.30 or 2.93 per cent change in 24 hours
Tether $1.00 or 0.04 per cent change in 24 hours
XRP $1.16 or 6.15 per cent change in 24 hours
Dogecoin $0.2909 or 7.12 per cent change in 24 hours
USD Coin $1.00 or 0.02 per cent change in last 24 hours
Polkadot $26.03 or 5.78 per cent change in 24 hours
Solana $71.13 or 8.83 per cent change in 24 hours
Uniswap $26.83 or 6.35 per cent change in 24 hours
Terra $30.27 or 7.49 per cent change in 24 hours
Bitcoin Cash $644.09 or 4.09 per cent change in 24 hours