Market Mostly Trades Sideways as Bitcoin Price Hovers Around $8,800
Joeri Cant's original article for cointelegraph.com reduced by 55%
Bitcoin has been trading sideways for the better part of the day and continues to circle the $8,800 price mark. The world's largest cryptocurrency bounced off a local low of $8,705 earlier today before moving to its current trading price at around $8,750, showing a small gain of 0.27% on the day. Bitcoin continues its struggle to hold on to its current trading levels, but traders, including Cointelegraph contributor Michaël van de Poppe, are starting to wonder whether BTC could drop further to around $8,400.
Well-known crypto industry figure Bobby Lee, on the other hand, doesn't fear BTC's current price struggles, as he recently said that Bitcoin will eventually surpass the market cap of gold and could ultimately be worth a whopping $1 million. XRP, the third-largest coin by market capitalization, is currently trading at $0.271 per coin, down 1.44% at press time. The recent annual Swell conference, where CEO Brad Garlinghouse said that he doesn't think about the price of XRP in the short term, has failed to trigger any positive price action for the coin.
Cosmos, the number eighteen coin by market cap, took the biggest fall today with a loss of more than 4%.The overall cryptocurrency market cap currently sits at $240 billion, with Bitcoin making up 66% of the total.
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Summarised crypto news.