The number one alternative cryptocurrency, Ethereum is the crypto of the moment as it continues to push its way into $3,000. However, several altcoins have experienced minor losses except for ETH which has continued to push forward.
Bitcoin on the other hand has continued to experience a hard time as it tries to retake $60,000 level and recreate another bullish trend for itself. BTC retraced slightly and currently trades around $57,000.
Analysts still bullish on BTC amidst stalling price
Despite the fact that the number one cryptocurrency has remained at $50,000 for about two weeks and failing at attempts to break into $60,000.
It made a decisive move on Saturday initiating an impressive leg up that resulted in adding $4,000 of value in a day to a high of $58,500. It is now BTC’s highest price since Mid April when the crypto market experienced a dip.
After yesterday’s minor bull run, BTC retraced more than $2,000, resulting in a dip to just over $56,000.
Amidst the back and forth Pantera Capital CEO Dan Morehead who spoke recently predicted that BTC price would hit over $200,000 by 2022.
The Pantera Capital CEO’s strong stance on bitcoin doesn’t stop with just a price prediction for next year. He’s also expecting it to reach absolutely massive levels over the long term. That includes a price prediction that the crypto will trade for more than $12.5 million by the time 2031 gets here.
Ethereum pushes forward as altcoins experience minor correction
Several altcoins went all green in the past week and recorded impressive gains as they fizzled out a large portion of bitcoin’s dominance over the market.
In the last 24 hours, however, Binance Coin went down by 4% to just over $600 after hitting a new all-time high on Saturday at around $645.
Ripple (-0.6%), Cardano (-2.6%), Polkadot (-2.3%), Uniswap (-2.6%), and Litecoin (-1%) are also in the red. In contrast, Chainlink (4.5%) and Dogecoin (5.5%) have added the most value from the larger-cap altcoins. Consequently, LINK trades above $40 while DOGE is at $0.38.
Ethereum is also in the green with a 2% increase on a 24-hour scale. ETH came just $40 away from tapping another milestone yesterday at $3,000.
More gains are evident from OKB (45%), BakeryToken (41%), Nano (22%), Huobi Token (15%), Fantom (13%), Ethereum Classic (12%), and Solana (10%).
Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost around $30 billion but has remained above $2.2 trillion.