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Bitcoin remained largely volatile last week amid a nationwide crackdown against cryptocurrency mining in China.
Bitcoin, Ether, Binance Coin and other major cryptocurrencies were trading higher on Monday. The world’s largest cryptocurrency rose nearly 4.51 per cent in the last 24 hours to touch $34,512 at 0810 hours IST on June 28 on coinmarketcap.com Index. Bitcoin remained largely volatile last week amid a nationwide crackdown against cryptocurrency mining in China. The cryptocurrency slumped by half since hitting a record high in April.
The global cryptocurrency market cap on Monday increased 3.52% day-to-day to $1.38 trillion against the high around $2.6 trillion last month, according to coinmarketcap.com. “The massive selloff that we witnessed last week seems to have subsided. As expected after such volatility, consolidation can be observed across the crypto spectrum. Bitcoin, the highest contributor to the global cryptocurrency market cap, began the day at 5% higher than the previous day. Ethereum also showed modest gains earlier in the day. The panic selling has subsided, and that is a hugely positive sign for the markets,” Edul Patel, chief executive officer and co-founder, Mudrex, a global crypto trading platform.
Ether rose 4.32% in the last 24 hours to $1991.05.”One interesting fact regarding the Ethereum network is that the fees for using the network are at the lowest levels in a year. It is an especially good sign for the users of the network, as it would likely increase the adoption, which leads to prices of the token driving higher,” he added.
“Bitcoin has been on a volatile price spree over the last few days. Last week, it hit a low of $28,600, recovered a little since, and now the asset has been fluctuating between $30,000 – $35,000. If it sustains the support level then we can expect some relief rally up to $38,000 to $40,000, else we may see further downfall and the prices may slide to the next support level of $22,000,” said ZebPay trade desk.
Take a look at the top cryptocurrencies and their prices on June 25 (data from coinmarketcap.com while publishing the article):
Bitcoin $34,512 4.51 per cent change in 24 hours
Ethereum $1992.40 4.56 per cent change in 24 hours
Binance Coin $287.13 0.29 per cent change in 24 hours
Cardano $1.32 1.37 per cent change in 24 hours
Dogecoin $0.256 2.61 per cent change in 24 hours
XRP $0.638 2.47 per cent change in 24 hours
Polkadot $14.96 0.74 per cent change in 24 hours
Bitcoin Cash $475.44 1.56 per cent change in 24 hours
USD Coin $1.00 -0.14 per cent change in last 24 hours
Litecoin $130.99 1.21 per cent change in 24 hours
“The panic selling has subsided and that is a hugely positive sign for the markets. Several investors pounced on the opportunity to buy the dips, which can be observed from the traded volumes. However, relatively new investors dwelling in this space should keep in mind that the major cryptocurrencies are likely to be range-bound in the near term,” Patel mentioned.
While the “cryptocurrency market shows signs that it is not yet healthy, it does also appear to be beginning the process of healing,” said a JP Morgan Chase & Co. team.