While Bitcoin looks strong for the next few days, most other crypto-assets appears to be struggling to see green. Gadgets 360’s cryptocurrency price tracker reveals that Ether has dropped by close to 2 percent from its opening valuation at the beginning of the week. Ether opened Tuesday’s trade at Rs. 2,93,717 (roughly $3,903) and down by 0.49 percent at the time of publishing.
Memecoins appear to be ruling the roost for top gainers over the past 24 hours with both Dogecoin and Shiba Inu making gains of over 5 percent. While SHIB made a jump of almost 15 percent, valued at Rs. 0.002110 (roughly $0.00003), Dogecoin moved up by 7.77 percent to Rs. 19.78 (roughly $0.263). Some people are linking the movement to a new tweet by the Dogefather, Elon Musk.
“Bitcoin hovered around the current price levels over the past couple of days. It is a good sign for the cryptocurrency market as the market participants constantly track BTC for directional cues. The coming 24 hours could be a period of increased volatility,” states Edul Patel, CEO and co-founder of algorithm-based crypto investment platform, Mudrex.
With Bitcoin’s fortunes set to achieve a new all-time high at some point over the next few days, an analyst of repute in Ki Young Ju, claims that this incredible bull run can be largely attributed to whales and not short liquidations. This is a marked shift from what the trend has been over the past few months.
Since BTC’s crash back in May, Bitcoin bulls appear to have been hesitant to buy big and shifted focus temporarily to the likes of non-fungible tokens (NFTs). They’re back now and could steer the world’s first cryptocurrency to new highs.
Meanwhile, Billionaire investor Mark Cuban has once again spoken up on the topic of cryptocurrency. When asked what cryptocurrency he would suggest for new investors. He picked Bitcoin, Ether, and Dogecoin as his picks, stating that not all digital currencies are equal, even though the entire crypto market has seen a boost in the past year.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.