Bitcoin prices further fell to $47,055, down 2.82 per cent. Ether was trading at $3218.52, up 0.83 per cent. Within last two weeks, the bitcoin touched over $50,000 and came down to $47,000. Some positive developments led to a sharp rally in bitcoin prices, however comments made by renowned people about the Bitcoin or cryptocurrency at large is pulling down the prices of it. And in latest twist and turns, billionaire hedge fund manager, John Paulson said that there is no intrinsic value attached with cryptocurrencies except for a “limited amount.” He said that the entire segment is “too volatile” and that Bitcoin went from US$5,000 to US$45,000 within a short period. “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies,” Paulson said. However, yesterday Raghuram Rajan, former RBI governor,said, “Crypto currencies, which are yet to gain the status of legal tender in most parts of the world, have a “potential future” if they are well regulated.
Cardano, another cryptocurrency was down by 1.49 per cent at $2.80.The market cap of cardano stands at $89 billion. On Tuesday, the global crypto market cap is $2.05 trillion, a 2.11% decrease over the last day. The total crypto market volume over the last 24 hours is $108.84 billion which makes a 20.07 per cent increase. The total volume in DeFi is currently $17.21billion, 15.81 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $83.75 billion, which is 76.95 per cent of the total crypto market 24-hour volume. Also, bitcoin dominance has also witnessed a fall of 0.49 per cent, according the coinmarketcap.com
Dogecoin was trading at $0.2731, down 4.62 per cent, Binance Coin prices also plunged by 4.18 per cent to $457.19.The market cap of Dogecoin stands at $35 billion and Binance Coin $76.758 million.
“We saw Bitcoin oscillating between $47,500 and making a dash towards $49,000 over the past 24 hours. Currently, the important support level for BTC is at $46,230, and a strong resistance level is at $50,000. Crypto-analytics platform, Santiment, stated that the markets are poised for a bounce after the recent rejection at $50,000, as several traders are getting impatient. Markets, however, had other plans altogether. The new week began with most of the cryptocurrencies falling. Solana (SOL) was the only exception, as it rose by approximately 7.5%. We saw the total market cap declining by almost 2.83%. The trade volumes went down by 7%. Traders are currently looking at the market for directional cues and therefore are refraining from making aggressive trades. We could likely witness Bitcoin making a move towards the $50,000 mark this week,” Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
Here are the top cryptocurrencies and their prices on August 31, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $47,055 or -2.82 per cent change in 24 hours
Ethereum $3,218.52 or 0.83 per cent change in 24 hours
Cardano $2.80 or -1.49 per cent change in 24 hours
Binance Coin $457.19 or -4.18 per cent change in 24 hours
Tether $1.00 or -0.03 per cent change in 24 hours
XRP $1.12 or -1.36 per cent change in 24 hours
Dogecoin $0.2731 or -4.62 per cent change in 24 hours
USD Coin $1.00 or -0.00 per cent change in last 24 hours
Polkadot $26.38 or -3.85 per cent change in 24 hours
Solana $114.19 or -13.64 per cent change in 24 hours
Uniswap $26.50 or 0.35 per cent change in 24 hours
Terra $33.71 or -2.49 per cent change in 24 hours
Bitcoin Cash $628.51 or -4.11 per cent change in 24 hours