Bitcoin plunged to $47,923.72, down 1.11 per cent on Monday. Apart from Bitcoins all other cryptocurrency prices continue to be in the red signaling a sell-off across global markets. Last week bitcoin rose to $50,000 mark and slided down to $49,000. In addition to bitcoin, Ethereum, Cardano, Dagecoin treaded the same way and were trading in the red. Ethereum was down by 3.38 per cent, Cardano was down by 1.92 per cent. However, the global crypto market cap declined 0.15 per cent to $2.07 trillion. Bitcoin which is the largest currency, its dominance in the market also took a beating with 0.10 per cent
“If BTC manages to move above $48,750 with good volumes, and manages to find support, we might see it making a dash towards $50k by the end of the coming week. Bitcoin’s expected range for the coming week could be around $44,000- $50,000, as it would likely be a volatile week,” Edul Patel, CEO & Co-founder, Mudrex said.
The total crypto market volume over the last 24 hours is $89.85 billion, which makes a 7.11 per cent decrease. The total volume in DeFi is currently $13.53 billion, 15.06 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $68.50 billion, which is 76.23 per cent of the total crypto market 24-hour volume, as per the coinmarketcap.com.
Bitcoin witnessed a sharp rally from its recent bottom of $28,800 in June and surged almost by 75 per cent making the high of $50,505. A new entrant in the list of the names commenting on cryptocurrency is 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.” After Elon Musk, Jeff Bezos, the comment made by Raghuram Rajan is a positive news in the world of cryptocurrency that can drive up sentiments of people about the cryptocurrency.
“BTC bears have been able to successfully keep BTC below the $50,000 mark over the past week or so now. The heavy selling in the US dollar spot market pushed BTC upwards, towards $49,000, but investors seems to have remained cautious, preventing the asset from beating the psychological resistance level of 50k. The Jackson Hole event that took place last week didn’t have a significant impact on the market, however, some key macroeconomic developments this week are scheduled, namely the private sector employment data, and Non-farm payroll data, which might impact the sentiments of investors, and hence the market,” the ZebPay paydesk said.
Here are the top cryptocurrencies and their prices on August 30, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $47,923 or -1.11 per cent change in 24 hours
Ethereum $3,176.39 or -0.53 per cent change in 24 hours
Cardano $2.84 or 1.92 per cent change in 24 hours
Binance Coin $478.00 or -1.15 per cent change in 24 hours
Tether $1.00 or 0.00 per cent change in 24 hours
XRP $1.13 or -0.01 per cent change in 24 hours
Dogecoin $0.2813 or -0.26 per cent change in 24 hours
USD Coin $1.00 or -0.00 per cent change in last 24 hours
Polkadot $25.14 or -2.15 per cent change in 24 hours
Solana $97.22 or 13.51 per cent change in 24 hours
Uniswap $25.79 or 2.56 per cent change in 24 hours
Terra $32.94 or -6.22 per cent change in 24 hours
Bitcoin Cash $647.02 or -4.83 per cent change in 24 hours