The world’s flagship crypto, Bitcoin, is presently on a strong bullish run in regards to breaching another all-time high of $42,000 before pulling back around $40,200 as weekly gains of just 37%.
Still, 4 cryptos have surpassed the flagship crypto in 2021 alone, having registered weekly gains of more than 100% at the time of drafting this report.
The leader of the pack is Nano which rallied by 276% in the last 7 days.
The crypto asset is created for enabling quick transactions with no fees and little hardware needed. It has a market value of about $580 million.
Loopring comes in second with a weekly gain of 130%. Loopring is a protocol built on Ethereum, and created to power a fast and cheap decentralized exchange. Loopring’s market value is about $485 million.
Stellar comes in third on the account that it rallied by 125% over the past week,. Stellar is an open platform that permits its users’ funds transferred and stored.
It began operation about 6 years ago, with the major objective being to boost financial inclusion globally by reaching the world’s unbanked, prevalent in many parts of Africa and minor Asia. It, however, updated such objectives by focusing on assisting financial institutions to connect with each other through blockchain technology. Stellar has a market value of $6.5 billion.
The fourth is Status with a weekly gain of 101% at press time, the crypto asset has an operating system for mobile appliances. Its functionality includes allowing access to the decentralized applications on Ethereum. Its market value is a little over $214 million
Bitcoin suffers worst drop since March 2020
Bitcoin traded at $33,832.77 with a daily trading volume of $100.2 billion and is down 16.08% for the day.
A large number of crypto investors are presently cashing out at record levels amid a significant drop in the value of Bitcoin. The world’s most popular crypto asset dropped as much as $8,000 at the start of Monday’s trading session.
This is the worst daily plunge sighted in the dominant crypto asset since March 2020.
What you should know: At the time of drafting this report, Bitcoin traded at $33,832.77 with a daily trading volume of $100.2 billion. Bitcoin is down 16.08% for the day. It presently has a market value of $629 billion.
Also, Scott Minerd, the Global Chief Investment Officer of Guggenheim Partners spoke on the recent bias coming to play at Bitcoin’s price action;
“Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.”
However, amid the high sell-offs sighted in the crypto-verse, recent data governing wallet balances from Glassnode an advanced crypto analytic firm revealed that major crypto investors with at least 1000 Bitcoins are buying from these price dips in play at Bitcoin’s market.
Addresses with more than 1k $BTC continue growing at the expense of all others–even as this most recent downturn is taking effect. While you were selling, whales were gobbling up your Bitcoin…
Meanwhile, a leading United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments amid a major strong bearish trend coming to play.
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;
- The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
- Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.
The price of Bitcoin is presently under immense pressure at the first working day of the week, amid record sell-offs sighted at the ever-changing financial asset.
What you should know: As at press time, Bitcoin traded at $35,129.26 with a daily trading volume of $84.3 billion. It is down 14.61% for the day.
Bitcoin market value now stands at $653.2 billion.
It has a circulating supply of 18,596,881 BTC coins and a max. supply of 21,000,000 BTC coins.
Affirming the bearish hold, a significant amount of bullish bets in the futures market at the world’s biggest crypto exchange got wiped suddenly— “$90 million of futures contracts long liquidations on Binance within 10 minutes,” according to Rafael Shultze-Kraft.
Such losses stunned many crypto traders and investors who overleveraged on the prevailing bullish trend in the Bitcoin market.
While some crypto analysts are saying that markets will shrug it off, others seem to believe that the end of the current Bitcoin rally is nigh (or indeed, that it is already here).
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play on the account that “Bitcoin realized profits are at record highs. Yesterday alone, the total net realized a profit of all coins moved on-chain was $5.5 billion.
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