Indeed, the flagship digital asset Bitcoin, is once again trading in the green, which has, in turn, had a knock-on effect on the other cryptocurrencies, whose prices have begun to rise as a result of the recovery. A notable difference between Bitcoin’s value at the start of 2021 and its current value is that Bitcoin is trading at $55,223 at the time of writing, representing an 88% return on investment for Bitcoin since the beginning of the year when it was trading at $29,286. The flagship digital currency is up 0.25% in the past 24 hours and down 5.87% over the previous week, giving it a market capitalization of $1.04 trillion and a market dominance of 41.6%.
Crypto market faces uncertainty
The cryptocurrency market is in a state of uncertainty, with experts split on whether the market has lost its momentum after reaching an all-time high earlier in November. According to some, the market is beginning a bearish trend, while others anticipate new all-time highs will follow the recent slump before the end of 2021. A notable development is that the cryptocurrency market has re-entered “extreme fear” territory for the first time since $43,000, as Bitcoin was trading at roughly $53,700 at one point on Friday, just a few hours after it had been trading at around $58,000. Crypto Birb, a certified technical analyst, shared the following thoughts on the matter Elsewhere, top cryptocurrency trading analyst Michael van de Poppe acknowledged that the reality of a prolonged cycle has begun, as it looks that crypto expert Plan B’s stock-to-flow model target of $98,000 by the end of November would be missed Likewise, crypto consultancy and educational platform Eight Global highlighted:
The global crypto market
Nevertheless, over the 24 hours, the global cryptocurrency market has shown indications of development, returning to green and growing in value by almost 1.5%, putting it back above $2.5 trillion, as per CoinMarketcap statistics. With market volume over the last 24 hours being $147.78 billion, making a 2.14% decrease. In 24 hours, the total volume in DeFi is currently $23.35 billion, 15.80%, whereas stablecoins is now $113.92 billion, which is 77.09% of the total crypto market 24-hour volume. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. [coinbase]
