Market Update: BTC Still Increasing, ETH/Steem Down Slightly, Few Altcoins Rising
Hi everyone,
Here's another market update concerning price/market-related news for Bitcoin and other cryptocurrencies.
BTC Still Increasing!
Bitcoin is still on its way up, breaking its previous all-time high for a new high of above $4425, and a market cap of above $72B.
The above image includes some information about Bitcoin's price, and the below image includes a price chart for the last 24 hours depicting the change in price.
Many are wondering whether Bitcoin will continue to increase even more or suffer a price correction soon, and there are predictions on both sides of the spectrum. A Goldman-Sachs analyst has predicted that Bitcoin may rise $500 more before undergoing a decline of 50%. However, Ronnie Moas of Standpoint Research has increased her price prediction target to $7500 after Bitcoin beat her previous target. This all happens as changes related to Segwit are beginning to be put in place, possibly contributing to the recent increase in price.
For a detailed report on whether you should invest in Bitcoin or not, see my Market Report here.
ETH and Steem Decrease Slightly
Ethereum is suffering an about 3% decrease in price (over 24 hours) currently trading at below $300.
Meanwhile, Steem is down as well to about $1.15, about a 6% decrease from yesterday.
Many investors/buyers are taking note of Steem's decrease as a possible opportunity to buy more Steem, a cryptocurrency whose value has been proven repeatedly.
Altcoins and Other Cryptocurrencies
The crypto market cap is nearing $150B, largely guided by the recent growth of Bitcoin. Below is a list of the top ten cryptocurrencies by market cap, their prices, and price changes over 24 hours.
As you can see on the list to the left, Bitcoin is doing well as covered above, but interestingly IOTA is doing very well with a price increase of over 20%. Other cryptos that rose over the past day include Monero, BitConnect, and Ark, the last of which rose by an astounding 91%.
It should be noted that Bitcoin's dominance over the Crypto Market is now 51.7% (over half). BTC's market cap is over $73B, while the total cryptocurrency market cap is over $141B.
Is Bitcoin's price going to rise even more, or is a price correction coming soon? Comment/reply with your thoughts :)
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