The bitcoin has risen nearly 25 percent in the last seven days and is trading in the mid-50,000, while the second-largest crypto ether is also gaining ground.
In cryptocurrencies, bitcoin prices have fallen slightly since hitting $ 55,000 on Thursday. The most popular in terms of market capitalization and the world’s largest cryptocurrency fell more than 1% to $ 54,364. However, bitcoin has grown by 24% in one week.
Other cryptocurrencies have been performing mixedly over the past 24 hours. Ether, the second-largest cryptocurrency in terms of market capitalization, was hovering around $3,619. Cardano rose 5 percent to $2.29, while Dogecoin fell slightly to $240.24. XRP, Litecoin, Uniswap rose while Steeler and Shiba Inu slipped.
After a 300 percent increase in a week, Shiba Inu fell 25 percent in the last 24 hours when Elon Musk tweeted about his Puppy Floki, the Shiba Ino breed. This leap comes at a time when the vast crypto market is also growing. The bitcoin has risen nearly 30 percent in the last seven days, trading in the mid-50,000 range, and is gaining second place.
Crossing the $50,000 mark and the bitcoin rally reaching the $55,000 level is a historic event. The total cryptocurrency market cap could soon reach $2.5trillion, depending on the cup and handle pattern on the chart.
However, Additionally Siddharth Menon, COO of Wazirx said that to reach this level, the total cryptocurrency limit, BTC, and other tokens need to be further increased. The performance of bitcoin in the last few days has been quite remarkable as the price of BTC has risen by about 27%, almost the highest, if not all the other major cryptocurrencies.
The bitcoin rally came at a time when digital tokens remained after China’s ban on cryptocurrency transactions and a tumultuous rollout as a legal tender for El Salvador’s digital coin. Following this tremendous rally, COTI’s performance over the past week has been disappointing.
The RSI indicator clearly shows that the token has been bought more and has started to reduce its decline below 55 percent after crossing 75 Percent. Menon added It is still in the buying hub and we can expect the COTI to be fixed at some point.