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The number one cryptocurrency (virtual asset) Bitcoin (BTC) by market capitalization has shown a short-term rebound over the past 24 hours and is trading at a price in the mid-to-late range of $23,000.
As of 9:10 a.m. on the 23rd (Korean time), the market price of Bitcoin (BTC, No. 1 in market cap) in CoinMarket Cap is recording about $23,763, up 2.65% from the previous 24 hours. The 24-hour trading volume is about $43.8 billion, and the market capitalization is about $441 billion.
The Chicago Merchandise Exchange (CME) bitcoin futures price also closed higher. The most active December transaction rose by $505 to $23,385, the January price rose by $610 to $23,770, and the February transaction rose by $600 to $24,060.
Cointelegraph, a cryptocurrency media outlet on this day, said, “Bitcoin price, which had retreated to $21,800 the previous day, started rebounding after the news of the passing of the US economic stimulus package and rose by more than 5%.” “It seems unlikely that it will break through the strong resistance level of the dollar line and hit a record high.”
Michael van de Poppe, a trader at the Amsterdam Stock Exchange and a contributor to Cointelegraph, said, “I won’t be surprised if bitcoin falls below 20,000 dollars.” In the current market, $19,500 is an important support level. We are watching, but even if it falls to $18,500, it will not shake.”
Analysts from JPMorgan Chase, a multinational investment bank in the United States, also recently said, “Bitcoin prices are rising 220% compared to the beginning of the year, and the trend is continuing. As a result, if institutional investors’ bitcoin purchases decrease, a similar bitcoin plunge in the second half of 2019 could occur,” he warned.
In addition, Zhang Zhao-erl, founder and opinion leader of BTC.TOP, a large-scale Chinese mining pool, said in his Weibo recently, “Bitcoin prices may drop as of March 12 at any time. Blind bullish prospects should be avoided. “Do it” he advised.
On the other hand, Nigel Green, CEO of the global financial consulting firm deVere Group, recently said, “Bitcoin’s bullish rally is just beginning.” “Bitcoin will have a record year in 2021. It predicted that the price of bitcoin will increase by at least 50%, and if more, it will double.”
Galaxy Digital’s CEO Mike Novogratz also said, “The recent bull market is different from the speculative market that individual investors raised in 2017. Within a year, the price of bitcoin is 10% of the gold market cap. It will reach 50,000 dollars.”
In addition, Twitter renowned analyst THE MOON said that bitcoins under $50,000 are still affordable, and Scott Minard, chief investment officer of Guggenheim Partners, a global fund manager worth $230 billion, recently appeared on Bloomberg TV. As a result of its own fundamental analysis, the appropriate value of Bitcoin is 400,000 dollars.”
On this day, major altcoins are generally on the rise. The market capitalization of Ethereum (ETH), the second largest cryptocurrency and’top’ altcoin, has risen 2.75% over the past 24 hours to about $633.
In addition, Litecoin (LTC, market cap 5th place) 6.30%, Chainlink (LINK, market cap 7th place) 2.58%, Cardano Ada (ADA, market cap 8th) 1.72%, Binance Coin (BNB, market cap 9) Above), the 2.20% polka dot (DOT, 10th in the market cap) is rising 3.64%.
On the other hand, the third-largest cryptocurrency, Ripple (XRP) by market capitalization, plunged 16.54%, and the market price is currently around $0.4370. The Ripple XRP token price temporarily paid $0.41 due to the effect of a lawsuit filed against Ripple by the Securities and Exchange Commission (SEC).
According to The Block, a cryptocurrency media outlet, the SEC has sued Ripple, Ripple CEO Brad Garlinghaus, and Chris Larsen co-founders for selling $1.3 billion worth of unregistered securities. Accordingly, Ryan Watkins, a researcher at Mesari, a cryptocurrency market analysis company, predicts that “if SEC wins, multiple exchanges will stop supporting XRP transactions.” “If transactions become virtually’impossible’, XRP liquidity will quickly It will run out and prices will plummet.”
In particular, Ethereum developer Evan Van Ness tweeted, “I was surprised that many exchanges still support XRP. The agreement could include two elements. One illegally acquired asset.” The redemption of XRP is another thing, Ripple admits that XRP is a security.” He also said, “The SEC already recognizes it as a’securities’. It’s time to delist (exchanges XRP) and move on.”
The total cryptocurrency market cap is $666.1 billion, down 2.58% from 24 hours ago, and the Bitcoin market cap share (BTC Dominance) is at 66.4%.
Meanwhile, the New York Stock Exchange last night showed mixed trend due to concerns about the spread of COVID-19 strains even when the US Congress passed an additional support plan for a new coronavirus infection (Corona 19) worth about $900 billion.
On the 21st (local time) on the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average fell 0.67% to 30,015.51, and the Standard & Poor’s (S&P) 500 fell 0.21% to 3,687.26. On the other hand, the Nasdaq Index, which is centered on technology stocks, rose 65.40 points (0.51%) to close at 12,807.92.
The international gold price, a representative safe asset, also continued to decline. On the same day, gold for February delivery on the New York Merchandise Exchange closed at $1,870.30, down 0.7% per ounce.