Cryptocurrencies make headlines every day. What contributes to this stardom is its high volatility. Market valuation of every Cryptocurrency changes at a pace that is equivalent to a person’s snap.
Today, all the digital tokens are in the news as the major ones have witnessed a fall, whereas others have seen an increase in their market valuation.
How Are Cryptocurrencies Being Traded?
Experts are yet to design a chart to perfectly predict the trend of all Cryptocurrencies. The challenge gets tougher with the digital tokens experiencing fluctuations unexpectedly.
Bitcoin, the major Cryptocurrency or rather the one that started the trend among the next generation investors, fell in terms of its market valuation.
It is currently being traded at $46,325. The value is down by 0.7% and falls in the range of being less than the average price of $47,000.
Bitcoin last hit the best value in November 2021. That was the time when it carried a valuation of around $69,000 after advancing at 60%. Even though the current fall and value of Bitcoin seem worrisome, it is in a much better position than where it was in 2016.
The current market value of Bitcoin is an increase of 4,700% from its value of 2016. Traders, along with other members of the community, expect it to cross $100,000 in the coming days.
Other Cryptocurrencies that fell are Dogecoin and Shiba Inu.
Dogecoin fell by approximately 0.2% to 0.16%, and Shiba Inu fell by 0.6% to $0.000033. If you are planning to invest in Dogecoin, please read more about the Dogecoin price prediction for future trends of the token price. The list goes on to include some more Cryptocurrencies as well. The likes include Polygon, Solana, Stellar, and Uniswap.
Every time the major assets lose their value, it is assumed that the market is going through a bad condition, with others following the trend. This, however, does not apply to other Cryptocurrencies.
Ether, probably the next Bitcoin that is expected to surpass its market value, gained 2% to be traded at $3,806. It is linked to the Ethereum blockchain, and many investors have their bets placed on it for becoming the major cryptocurrency in the market.
Others who follow the rising trend are Binance Coin, XRP, Cardano, Litecoin, and Tether. As per the data available, Binance Coin is known to have gained a marginal increase to touch the valuation of $511.
Overall, the Cryptocurrency market is experiencing a flat trading trend. It has a total market capitalization of $2.35 trillion.
As other Cryptocurrencies attempt to catch up with Bitcoin, the major digital token continues to redirect the investors from gold to BTC. Experts predict that the value will touch the magical mark of $100,000 in the future, but no concrete timeline has been shared.