Bitcoin and a number of other cryptocurrencies have regained some of the percentage losses they suffered last Monday as various crypto assets are now valued between 5% and 25%. On Monday, the crypto economy fell below $ 800 billion after total market capitalization fell from its trillion dollar valuation. Today, the total market valuation of all 7,500+ digital assets in existence is just above the $ 900 billion mark.
The digital currency markets posted some deep losses last Monday as crypto assets lost between 25% and 40% in value in the January 10th and Monday trading sessions. For example the price of Bitcoin (BTC) slipped from $ 41,056 per unit to $ 30,261 per unit BTC Losing fiat value over 25%.
Today, however, the value of the crypto asset has improved significantly over the past 24 hours, increasing by over 6%. BTC Over the long term, the crypto asset was still up 3.1% over the week, 82% over the month, 206% over the 90-day period and 332% over the year against the USD. At the time of publication BTC swaps hands for prizes between $ 34,600 and a touch over $ 35,000 on Tuesday afternoon.
The second largest market valuation is held by Ethereum (ETH), which was up 12% on Tuesday and trades for $ 1,115 per share. XRP is up over 8% today and each token is exchanged for $ 0.29. Cardano (ADA) is up 16% at the time of publication and will trade for $ 0.29 per token on Tuesday.
Litecoin (LTC) trades hands for $ 139 each LTC and is up 10% over the course of the day. Bitcoin cash (BCH) gained 8.5% each BCH trades for $ 470 on Tuesday afternoon (EST). Global cryptocurrency trading volume is up 14% worldwide today, and global swaps are worth $ 93 billion.
Etoro market analyst Simon Peters stated on Monday, “Despite yesterday’s short-term market correction, Bitcoin remains in a healthy place.”
Peters went on to say that many skeptics will call Bitcoin a “bubble” BTCThe long-term outlook remains very strong. “Many critics were quick to believe that the Bitcoin bubble had burst as the price fell below $ 30,000, but that didn’t materialize,” Peters said in a statement to investors.
“As a result, enthusiasts declared victory, arguing that $ 30,000 is a new low for the crypto asset. In my opinion it is too early to say. While we are staying in a price range that we have never seen before, some of the rises and falls we see in this current crypto bull were also present in the 2017 bull, ”added the Etoro analyst.
In addition, the research company mentioned in the latest issue of “Coin Metrics’ State of the Network: Issue 85” BTCResponse to Capitol Violation events on January 6, 2021 in the United States
“Bitcoin’s rapid response to events on January 6th shows that it continues to mature as an asset that is responsive to global events,” wrote Nate Maddrey and the Coin Metrics team. “It may also add evidence to the narrative that Bitcoin is sometimes viewed as a hedge against global unrest. However, the surge to $ 40,000 was also due to the tailwind of a strong run earlier in the year, so it can be difficult to unravel the exact impact of the January 6th events. “
Meanwhile, the notorious gold bug and economist Peter Schiff mocked Bitcoin’s huge losses last Sunday. “Bitcoin was trading near $ 42,000 on Friday and near $ 30,000 on Monday,” Schiff tweeted. “An asset that falls 28% on a weekend is not a safe haven, store of value, or a viable hedge against inflation. If you want to play on bitcoin, buy bitcoin. However, if you want to hedge against inflation, buy gold, ”added Schiff. Following this statement, Schiff also said:
As long as people don’t realize or care that Bitcoin has no real value and keep buying it anyway, its price can keep rising. But at some point those who don’t care will care, and those who don’t understand will find out. By then it will be too late to sell.
Of course, some crypto assets said Schiff only talked about bitcoin to get attention, and they believe that is why the gold bug is often debating cryptocurrency so regularly. “It sounds like Bitcoin is helping you grow your following by more than gold at this point,” replied one person on Schiff’s tweet about Bitcoin. “Apparently that’s where the real value lies to you. Ironic. Appreciate the warnings when you are right and forgive when you are wrong. Good luck, ”added the person.
Schiff replied back, saying he was trying to get people to jump off the bitcoin train. “It’s hard to say, but I suspect I’d have even more followers if I got on the Bitcoin train instead of trying to get others to jump out,” Schiff said.
Today’s top token winners include coins like Stakenet, District0x, Genaro Network, Dmarket, and Nano, which are now between 40% and 91%. The biggest losers on Tuesday are tokens like Golem, Bitnautic, Everex, Sharp Winkelwolke and Coinmeet. These five tokens saw percentage losses between 5% and 19.99% on Tuesday afternoon.
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What do you think of the percentage gains in cryptocurrencies on Tuesday? Let us know what you think on this matter in the comments section below.
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