Bitcoin
Bitcoin Gold Surges Past The $300 Mark Once Again
The past two weeks have been characterized by a lot of volatility for Bitcoin cash with prices recently hitting highs above $17,000 and it looks like the gains in the cryptocurrency have also trickled down to Bitcoin Gold.
The price of Bitcoin Gold surged past the $250 mark on Monday, and it reached $254.79 marking an 11 percent rise within a 24-hour period. In fact, the price has been rising steadily since then and was at $317 at the time this piece was compiled. This is good news considering that the currency had previously been on a decline for the past 7 days, dropping from $326 to $200. The decline was rather surprising considering that it is a spinoff of Bitcoin Cash that is in the altcoin category.
Bitcoin Gold Chart courtesy of coinmarketcap.com
The recent surge demonstrated by Bitcoin Gold highlights the fact that the currency has not favored an uptrend as steep as Bitcoin cash itself. The altcoin had initially been hyped up a lot but then it was characterized by a sharp decline. However, it now seems to be making a recovery courtesy of the surge within the last few days. However, it still has a long way to go before the price can reach the previous high or even go beyond that.
The massive surge in bitcoin cash value over the past few days has been quite impressive and it seems that other cryptocurrencies are also following the same trend. The recovery of Bitcoin Gold might be influenced by the huge uptrend seen in Bitcoin Gold just as is the case with most of the other Altcoins. This, however, raises the question of how the altcoin will perform on itself for example if the price of Bitcoin Cash tumbles or achieves goes flat. This is especially considering that Bitcoin Gold does not have any unique aspects or special use that can set it apart from other altcoins in the market.
The altcoin also happens to be miles behind Bitcoin Cash whose current value is multiple times higher. Bitcoin cash is however among the top ten most valuable cryptocurrencies and it has recently been boasting of a significant trading volume more than $240 million.
Unfortunately, Bitcoin Gold is currently not very strong and is subject to sharp declines every time it shows even the slightest evidence of price weakness. This is because supply and demand have a significant influence on the performance of cryptocurrencies. Altcoins specifically tend to be very fragile as far as value is concerned. It is also important to keep in mind that cryptocurrencies are not influenced by the same forces that affect regular markets.
Cryptocurrencies as a whole remain difficult to predict and thus there is a lot of uncertainty about the future performance of cryptocurrencies in general.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Marco Verch via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
