Cryptocurrencies prices varied Saturday, in light of the decline in the price of Bitcoin below 51,000. At the same time, Dogecoin rose.
The market value of digital currencies fell by 0.36 percent to reach $2.37 trillion, with a trading volume in the last 24 hours that recorded about $83.81 billion.
Risk is increasing in international markets. Investors are worries about the possibility that the trend of central banks to reduce liquidity in the markets will pose greater challenges to the demand for cryptocurrencies.
Risk ardor has improved in global markets, evidenced by a record-high close for the S&P 500 on Thursday.
It remains to be seen whether a receding tide of central bank liquidity will bring bigger challenges for cryptocurrency demand.
“I view Bitcoin as a high-beta risk asset,” said Ross Mayfield, an investment strategy analyst at Baird.
“When risk appetite is up, it’s up big. And when risk appetite is down, it can be down big. It’s not perfectly correlated, that’s definitely too simple of a read, but it’s certainly not a volatility hedge,” he added.
A technical study shows that Bitcoin has breached the upper bound of a so-called pennant technical pattern. It scaled its 20-day moving average, according to the study.
While this points to the possibility of more gains ahead, other technical signals are identifying the $53,000-55,000 area as a potential test of the rally’s strength.
Cryptocurrency-related stocks in Asia, such as Woori Technology Investment, Remixpoint, and Ceres, received a big boost from Bitcoin’s recent performance.
The Cryptocurrency rose by nearly 76 percent since the beginning of this year. And it is heading to achieve further gains for the third year in a row.
While the price of Bitcoin BTC decreased by 0.21% to reach $ 50,943.17, here is the prices of some of the other cryptocurrencies:
Ethereum (ETH) fell 1.27% to $4,038.34.
Binance coin (BNB) increased by 0.02% to reach $543.46.
Cardano (ADA) coin fell 2.09% to record $1.41.
Ripple’s (XRP) fell 5.05% to $0.9179.
Polkadot coin (DOT) fell 1.48% to $28.29.
DOGE coin (Dogecoin) increased by 5.57% to $0.1911.
Litecoin (LTC) decreased by 1.29% to reach $ 161.61.