Jakarta, CNBC Indonesia – Earlier this week, the price of cryptocurrencies showed signs of going back up. Bitcoin, the cryptocurrency with the largest market capitalization, managed to get back above US$ 50,000/coin since Friday (3/9/2021) then finally shot up more than 3% on Monday.
The level of US$ 50,000 is a psychological level, and has only been reached this time since mid-May. This certainly triggers the expectation that the price of bitcoin will skyrocket again. Other cryptocurrencies have also picked up. But what can I say, the day after it shot up more than 3% bitcoin instead crash (again) up to more than 17% reported Refinitiv data.
Bitcoin later managed to trim the slump, but still ended Tuesday’s trading (7/9/2021) down nearly 10%. Since then bitcoin has not been able to rise again.
Launching data from Coin Market Cap, as of 3:03 pm WIB, bitcoin was trading at around US$ 45,381/coin, up 0.69% in the last 24 hours. Meanwhile, in the last 7 days, there was still a 9% drop. Other crypto assets go even deeper.
Ethereum, which was the second-largest market cap tumbled more than 14% in the last 7 days. Meanwhile, in the last 24 hours, it was able to record an increase of 2.34%. Dogecoin was the worst hit, dropping more than 18% in 7 days. Only Solano among the top 10 crypto assets rose more than 28% in 7 days.
Meanwhile, for the last 24 hours, cardano is leading with more than 7% strengthening.
The following is the movement of 10 crypto assets with the largest market capitalization in the last 24 hours and 7 days.
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However, the drop in the price of bitcoin this week is in line with the predictions of analysts who predict bitcoin will reach US$ 100,000/coin in the next six months.
The prediction was expressed by Florian Grummes, managing director at Midas Touch Consulting. However, Grummes said before hitting US$100,000/coin, bitcoin is expected to reverse its decline first. He advised investors to wait for bitcoin in the range of US$ 34,000 to US$ 38,000/coin before buying.
“What we’ve had in the last five weeks is good, rebound sharp after experiencing the sell-off that is the hallmark of cryptocurrencies,” said Grummes, as reported by Kitco, Thursday (26/8/2021).
“If there is another sell-off, bitcoin is at risk to US$ 25,000/coin. It is still possible, after that bitcoin will return to the range of US$ 35,000/coin and back to US$ 60,000/coin then buy will return again. I think bitcoin will touch $100,000/coin in the next six months,” he added.
CNBC INDONESIA RESEARCH TEAM
(pap / pap)
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