All cryptocurrency opened in green on Saturday, Bitcoin was trading at $48,878.12 up 3.38 per cent at 0818 hours IST, according to Coinmarketcap.com. However, after hitting an all-time high of $65,000 in April it drastically fell to $28,800 in June.
The rising mainstream acceptance of Bitcoin is one of the factors that is pulling up the price of Bitcoin. Some acceptance coming from Cuba which is going to regulate the cryptocurrency, and the emergence of first crypto bank ATM in Hondurus, a country in central America led to a surge in the prices of Bitcoin.
In the past, with job post related to developing strategies concerning digital currencies by leading companies like Amazon and Walmart led to a sharp rally in the prices of Cryptocurrency. Earlier this week, riding on the back of some positive developments in regards to Bitcoin that includes PayPal expansion of services related to cryptocurrency in UK and Coinbase announcement of having bitcoin in their portfolio drove up the Bitcoin over $50,000.
“Bitcoin is looking very bullish on the weekly timeframe, and we can see another bullish week close above 49000$, which can build the momentum for bitcoin, and other cryptocurrencies to rally next week,” Hitesh Malviya, founder, itsblockchain.com- India’s First & Older Blockchain Cryptocurrency Publication
Ether, the rival currency of Bitcoin was trading at $3,243 or up 4.06 per cent. It was trading down 1.13 per cent over the last week. The market cap for Ether stood at $380.4 billion. The third spot was occupied by Cardano, which was trading at $2.82, up 9.24 per cent. The Cardano was trading up 14.39 per cent over the last week. Binance Coin stood at $486.87 up 0.84 per cent over the past 24 hours. The Binance Coin was trading up 7.39 per cent over the last week. The market cap for Binance Coin stood at $81.8 billion.
On Saturday, the global crypto market cap is $2.10 trillion, a 3.85 per cent increase over the last day. The total crypto market volume over the last 24 hours is $108.43 billion, which makes a 2.52 per cent decrease. The total volume in DeFi is currently $14.74 billion, 13.60 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $84.64 billion, which is 78.06 per cent of the total crypto market 24-hour volume.
“The Altcoin markets have formed similar charts like Bitcoin. It is trading around the buy zone. Strong tokens can be identified in such markets that have made new highs. DEFI, NFT and social tokens should continue to drive growth in crypto markets. We are just getting started with this innovation of tokenizing and making new economies which most of us find it difficult to understand. No one could anticipate in 2000 that the Internet based business could become a multi-trillion dollar industry. Can Blockchain be of that kind, only time will tell? One has to consider the volatility in Altcoins before Investing. Key levels for Altcoin markets- Resistance – $1.4 T Support – $1 T,” said Siddharth Menon, COO, WairX.
Here are the top cryptocurrencies and their prices on August 27, 2021 (data from coinmarketcap.com while publishing the article)
Bitcoin $48,878 or 3.38 per cent change in 24 hours
Ethereum $3,243 or 4.06 per cent change in 24 hours
Cardano $2.82 or 9.24 per cent change in 24 hours
Binance Coin $486.87 or 0.84 per cent change in 24 hours
Tether $1.00 or 0.01 per cent change in 24 hours
XRP $1.17 or 6.66 per cent change in 24 hours
Dogecoin $0.2905 or 6.79 per cent change in 24 hours
USD Coin $0.9998 or -0.02 per cent change in last 24 hours
Polkadot $26.61 or -4.92 per cent change in 24 hours
Solana $82.33 or 13.51 per cent change in 24 hours
Uniswap $25.79 or -5.18 per cent change in 24 hours
Terra $29.75 or 1.25 per cent change in 24 hours
Bitcoin Cash $607.91 or -5.68 per cent change in 24 hours
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