Popular cryptocurrency prices were trading marginally higher on Tuesday after the weakness observed over the weekend and on Monday. Bitcoin, the world’s most popular cryptocurrency, was seen closing in on the $45,000-mark.
Bitcoin was trading at $44,920.05 or 3.25 per cent higher at around 9 am. While Bitcoin price was hit over the weekend, it seems to be staging a marginal recovery. The future of the most popular cryptocurrency, however, remains uncertain.
A Reuters report indicated that Bitcoin outflows hit record outflows last week as investors diversified into cryptocurrency assets. The report suggested that outflow for Bitcoin products and funds totalled $98 million or 0.2 per cent of total assets under management.
Investors should note that since hitting a record high of just under $65,000 in mid-April, Bitcoin’s price has fallen nearly 35 per cent.
While Bitcoin remains the most attractive cryptocurrency in terms of valuation and market capitalisation, the recent concern expressed by Tesla boss Elon Musk regarding the virtual currency has eroded its value and made its future uncertain, according to crypto analysts.
The uncertainty arising with respect to Bitcoin, however, is likely to benefit Ethereum, following its upcoming transition to the less energy-intense proof-of-stake security model, said the Reuters report quoting Matt Weller, global head of market research at Forex.com.
ETHEREUM GAINING TRACTION
Ethereum has gained over 3 per cent on Tuesday. The cryptocurrency was trading at $3,390.94 at around 9.10 am. It may be noted that Ethereum is the second-largest cryptocurrency in terms of market capitalisation.
Over the past week, the cryptocurrency saw solid inflows of $26.5 million, with a total of $910 million so far this year. It is worth mentioning that the cryptocurrency has been bolstered by the surge in usage of Ethereum-based decentralised finance applications, which facilitate crypto-denominated lending outside traditional banking.
While Ethereum hit a record high of $4,380.64 last week, it fell due to overall weakness seen during the weekend. However, the cryptocurrency has gained about 355 per cent this year.
Meanwhile, the price of other cryptocurrencies such as XRP (Ripple), Stellar, Dogecoin, Polkadot and Litecoin are also trading higher on Tuesday.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||
Market cap (Billion)
|XRP (Ripple)||1.52||11.34%||151.72||$12.86 billion|
The prices have been updated as of 9.20 am and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated on a daily basis.
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