Bitcoin and many other cryptocurrencies have recovered some of the losses suffered last Monday, as the value of various crypto assets has risen by 5-25% today. On Monday, after the entire market value fell from its trillion-dollar valuation, the crypto economy fell below 800 billion dollars. Today, the overall market value of all existing more than 7,500 digital assets is hovering at a level slightly higher than 900 billion US dollars.
In the past Monday, the digital currency market suffered heavy losses because the value of crypto assets fell by 25% to 40% during the trading hours from January 10 to Monday. For example, the price of Bitcoin (BTC) fell from a price of $41,056 per unit to $30,261 per unit of BTC, a drop of more than 25% of its legal value.
However, today, the value of encrypted assets has increased greatly, jumping by more than 6% in the past 24 hours. In the long run, BTC has performed quite well, as crypto assets are still up 3.1% in a week, 82% this month, 206% in a 90-day span, and 332% against the US dollar. At the time of publication, BTC was trading at between $34,600 and $35,000 on Tuesday afternoon.
The second largest market capitalization is held by Ethereum (ETH), which rose 12% on Tuesday and traded at $1,115 per unit. XRP rose by more than 8% today, and each token was exchanged for $0.29. Cardano (ADA) rose 16% at the time of its launch and traded at $0.29 per token on Tuesday.
Litecoin (LTC) is trading at $139 per LTC, a 10% increase in one day. Bitcoin Cash (BCH) rose by 8.5% because each BCH was exchanged for $470 on Tuesday afternoon (EST). Today, the overall global cryptocurrency transaction volume has increased by 14%, and the global swap transaction volume is $93 billion.
Etoro’s market analyst Simon Peters said in detail on Monday, “Despite the short-term market adjustment yesterday, Bitcoin is still in a healthy state.”
Peters further explained that many skeptics refer to Bitcoin as a “bubble,” but Bitcoin’s long-term prospects are still very strong. Peters explained in a report to investors: “Many critics quickly believed that the Bitcoin bubble had burst because the price seemed destined to fall below $30,000, but this failed to materialize.”
“As a result, enthusiasts declared victory, believing that $30,000 is a new bottom for crypto assets. I think it’s too early to say. Etoro analysts added that although we are still in a price range that has never been seen before, in the current Some of the ups and downs we saw in the cryptocurrency bull market also existed in the 2017 bull market.
In addition, the research company mentioned BTC’s response to the violation of the U.S. Capitol on January 6, 2021 in its recent “Coin Metrics Network Status: Issue 85”.
Nate Maddrey and the Coin Metrics team wrote: “Bitcoin’s rapid response to the events of January 6 shows that it is maturing as an asset that responds to global events.” “This may also add evidence to the narrative that Bitcoin The currency is sometimes seen as a hedge against global turmoil. However, the strong growth at the beginning of this year also promoted the growth of $40,000, so it is difficult to clarify the exact impact of the January 6 event.”
At the same time, the notorious gold bug and economist Peter Schiff mocked the huge loss of Bitcoin last Sunday. “Bitcoin was trading at close to $42K on Friday and close to $30K on Monday,” Schiff tweeted. “Assets that fell 28% over the weekend are not safe-haven assets, value reserves or a viable hedge against inflation. If you want to gamble on Bitcoin, please buy Bitcoin. However, if you want to hedge against inflation, you can buy gold. Declare here After that, Schiff also said:
As long as people don’t realize or care that Bitcoin has no real value, the price of Bitcoin will continue to rise no matter how they continue to buy. But in the end, those who don’t care will start to care about them, and those who don’t understand will find it. By then it was too late.
Of course, many crypto assets stated that Schiff is only talking about Bitcoin to gain some attention, and they believe that this is why the Golden Worm often discusses cryptocurrencies so regularly. “It sounds like Bitcoin is helping you increase your followers at this point, not gold.” One person responded to Schiff’s tweet about Bitcoin. “It seems that this is your true value. Ironically. If you are right, please appreciate the warning, if you are wrong, please forgive you. Good luck.”
Schiff replied that he has been working hard to get people out of the Bitcoin trend. “It’s hard to tell, but my guess is that if I board the Bitcoin train, I will have more followers instead of trying to persuade others to jump off,” Schiff said.
At the same time, today’s major token winners include tokens such as equity network, district0x, genaro network, dmarket, and nano, which have risen 40% to 91% today. The biggest losers on Tuesday were tokens such as go, bitcoin, everex, acute cloud and coinmeet. On Tuesday afternoon, the percentage loss of these five tokens was between 5% and 19.99%.
View all the latest cryptocurrency price trends in real time on market.Bitcoin.com.
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