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Bitcoin [BTC], Cardano [ADA] succumb to the bear; witness fall of more than 6%

Priya

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Bitcoin [BTC], Cardano [ADA] succumb to the bear; witness fall of more than 6%
Source: Pixabay

The bear continues to torment the whole cryptocurrency market, with only a few coins showing signs of resistance. The bear has ensured that its presence is felt by the key players of the market as they are all down double digits since the past seven days.

Bitcoin [BTC], the most prominent and biggest cryptocurrency by market cap, continues to be the bear’s most preferred coin. The coin has plunged over 6% in the past 24 hours. According to CoinMarketCap, at press time, the cryptocurrency was trading at $3,721 on BitMEX, and at a premium rate of $3,849 on Bitfinex.

The coin has a market cap of $65.72 billion and a trading volume of $6.52 billion. In the past seven days, the coin has recorded a loss of 20%. Apart from the price, the bear has slashed out a massive chunk of the coin’s market capitalization. The beginning of the month saw the coin kick-start with around $110 billion market cap, now picturing the coin deprived of more than 40 billion.

In terms of trading volume, BitMEX, the biggest mercantile exchange in the US, continues to be on the top spot of the market, with BTC/ USD pairs. The second in the line is Binance, one of the leading exchange platform in the world, with BTC/ USDT pairs. The other top three includes CoinBene, CoinBit, and Bitfinex.

Bitcoin [BTC] price chart | Source: CoinMarketCap

Bitcoin [BTC] price chart | Source: CoinMarketCap

Along with Bitcoin, other top currencies that saw a gruesome defeat include Ethereum [ETH], Stellar Lumens [XLM], Monero [XMR] and Cardano [ADA].

Cardano [ADA], now the tenth-biggest cryptocurrency due to Bitcoin SV’s entry in the top 10, has fallen to by over 7% in the past 24 hours. The coin is trading at $0.035 with a market cap of $916.33 million. It has a trading volume of $27.99 million and has recorded a loss of 27.61% in the past seven days.

The highest trading volume for the cryptocurrency is pouring in from ZBG exchange, with ADA/ USDT pairing. The second highest is pictured to be on Binance, with Tether [USDT] pair. The other exchanges in the top five include Upbit, Huobi, and ZB.com.

Cardano [ADA] price chart | Source: Trading View

Cardano [ADA] price chart | Source: Trading View

Harambae2point0, a Redditor, commented on the development and said:

“This is the complete opposite of what happened last year lol. Parabolic bull run, unbelievable drop down. This has been consistent entertainment. What will happen next?”

PornKingofChicago, another Redditor, said:

“Bitcoin is resetting to 2010… its like when the Matrix got Reloaded”

Sidewalkcrusher_1 said:

“I guess hodl is now sodl.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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