The cryptocurrency market has been pumping since Sunday, with all major coins seeing significant growth. At the time of press, the top three gainers of the market were Litecoin [LTC], Bitcoin [BTC], and Stellar [XLM], registering over 6 percent growth.
Litecoin, which was resting on the seventh position since a few days, climbed one step up and has now acquired the sixth place. At the time of press, LTC was valued at $38.87, with a market cap of $2.3 billion. The coin registered a 24-hour trade volume of $791 million as it grew by 9.25% over the past day. The coin has recorded an overall growth of 23.60 % over a week and is seen growing gradually by 0.46% over the past hour.
The coin was highly traded on OKEx, which registered a maximum volume of $73 million on the LTC/BTC pair. OKEx also traded highly on the LTC/USDT pair as it marked a trading volume of $62 million. The third place was taken by ZB.COM, which registered a trading volume of $60 million on the LTC/USDT pair.
According to the one-day chart of Bitcoin, at the time of press, the coin was valued at $4,069.31, with a market cap of $71 billion. The coin registered a 24-hour trade volume of $5.5 billion, with a growth of 6.03% within a day’s time. The coin recorded an overall growth of 6.28% over the week, and is still growing by 0.07% in the past hour.
The coin registered a maximum trading volume of $1 billion on BitMEX exchange. BitMEX was followed by CoinBene with $378 million in trading volume on the BTC/USDT pair. The third place was taken by Coinbit, which recorded a volume of $304 million on the BTC/KRW pair.
The third-biggest gainer in the market was Stellar [XLM], which recorded a growth of 5.98% over the past day. The coin, at the time of press, was valued at $0.1206, with a market cap of $2.3 billion. It reported a 24-hour trade volume of $791 million with an overall growth of 3.48% over the past week, and the coin is still seen to grow by 0.24% in the past hour.
The coin registered a maximum trading volume of $13 million on the XLM/BTC pair on Exrates. Exrates was followed by ZB.COM, which registered a volume of $9 million on the XLM/USDT pair. The third place was taken by LATOKEN, with a trading volume of $6 million on the XLM/ETH pair.
A Twitter user, johnkim77, commented on the rally:
“BTC & LTC [simplified] BTC is like the Hummer, Strong & secure, not very fast, but no other car can compare to it’s power & impregnability LTC is like a Toyota, Well made, Reliable, faster, no other car is more dependable and trustable.”
Another Twitter user, KoroushAK, said:
“Beautiful volatility and volume Wait for signs of strength before entry Remember trade ideas are for paper trading only, use these to develop your own systems.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
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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