Bitcoin on Monday opened in green and was trading at $44,873.44, down 0.88 per cent. The biggest virtual currency touched an all-time high in June and reached $65,000- triggered by some favourable developments across the world. On the other hand, Bitcoin’s rival Ethereum also opened in the positive territory at $3,283.92, down 0.07 per cent.
“The crypto market showed signs of stability entering the new week. Most crypto traders and investors would be looking forward to putting the volatility of the previous week behind them. The largest cryptocurrency by market capitalization, Bitcoin found support near the $45,500 mark. The largest Altcoin, Ether showed strong character above $3400. This new week would be crucial for the two heavyweights in crypto. The past 24 hours were tough for Solana as it tanked over 6%. After an intense rally over the past week or so, Solana could likely be entering a consolidation zone soon. The global crypto market cap stood at $2.12 trillion, a marginal increase of 0.94% over the past 24 hours. The traded volumes dropped massively as traders remained watchful over the weekend. Bitcoin dominance also took a marginal dip, although the overall market capitalization increased riding on the back of an Altcoin rally,” Edul Patel, CEO and Co-founder, Mudrex- A Global Crypto Trading Platform said.
Last week, Shaktikant Das, the governor of the Reserve Bank of India at an event organized by The Indian Express and Financial Times, said that the central bank continues to have ‘serious and major’ concerns regarding cryptocurrencies such as Bitcoin. He also said that this concern was conveyed to the government of India.
Currently, the global crypto market cap is $2.07 trillion, a 0.25 per cent increase over the last day. The total crypto market volume over the last 24 hours is $110.17 billion which makes a 0.49 per cent decrease. The total volume in DeFi is currently $18.22 billion, 16.54 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $85.17 billion, which is 77.31 per cent of the total crypto market 24-hour volume. However, Bitcoin’s dominance took a beating by 0.13 per cent at 41.10 per cent.
“The overall crypto market cap recently touched $2.4 trillion since its upward trend from the 3rd week of July in a likely rising channel pattern. Accordingly, we saw a trend reversal in the last couple of days which could be attributed to the recent market volatility due to Bitcoin adoption in El Salvador coupled with a 2% dip in the US markets. The recent correction saw some selling in high volumes. Bitcoin, meanwhile, is trading below its 200-day Moving average. BTC is likely to continue its downward trend towards support levels of $41000. We may potentially see some panic selling in the short term, however keeping an eye on the future long-term potential of the crypto markets, an astute investor would want to HODL or see this as an opportunity to buy,” Siddharth Menon, COO WazirX said.
Cardano on Monday also opened in red at $2.46, down 4.86 per cent while Dogecoin was trading at $0.2432, down 0.85 per cent.
Here are the top cryptocurrencies and their prices on September 13, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $44,873.44 or (-0.88 per cent) change in 24 hours
Ethereum $3,283.92or ( -0.07 per cent) change in 24 hours
Cardano $2.46 or (-4.86 per cent) change in 24 hours
Binance Coin $405.73 or (+0.92 per cent) change in 24 hours
Tether $1.00 or (-0.02 per cent) change in 24 hours
XRP $1.09 or (+1.93 per cent) change in 24 hours
Solana $159.63 or (-9.58 per cent) change in 24 hours
Dogecoin $0.2432 or (+0.85 per cent) change in 24 hours
USD Coin $1.00 or (+0.00 per cent) change in last 24 hours
Polkadot $28.02 or (-19.47 per cent) change in 24 hours
Uniswap $22.69 or (+0.90 per cent) change in 24 hours
Chainlink $28.46 or (+6.40 per cent) change in 24 hours
Bitcoin Cash $632.32 or (0.54 per cent) change in 24 hours