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Monday, April 22, 2024

Bitcoin Price Stabilizes as Cardano Spikes 30% in One Week

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Over the weekend, the price of Bitcoin (BTC) remained relatively stable, with the price also remaining flat across the last 24 hours.

More than 1.78% has been added to the value of the flagship cryptocurrency in the previous week, and it is now valued at $42,735 on Monday, January 17, despite a minor decrease of 1.21% in the past 24 hours.

Bitcoin did rise as high as $44,135 over the weekend but has since fallen back around the $43,000 range, with a market capitalization of $810 billion, according to CoinMarketCap data.

Bitcoin bull run on the cards
Generally, some experts believe that Bitcoin’s recent price increase is an indication that the cryptocurrency is still in a long-term bull market.

Professional cryptocurrency trader Michaël van de Poppe thinks that the market is approaching the last part of its cycle at this point since it has already had huge gains and increasing acceptance.

Poppe explained why Bitcoin’s current worth is so low in comparison to its real value. The crypto expert emphasized the long-term holder supply in conjunction with the low value of BTC, which is a result of long-term holders gradually consolidating their positions as the market recovers.

Elsewhere, Root, a well-known cryptocurrency on-chain analysis platform, has discovered a rising trendline comparable to past cycles in 2011, 2013, and 2017; however, it is far less severe this time around.

As per the forecast, Bitcoin must maintain a price over $40,000 for the cycle to complete.

Like Ethereum and Solana, several other notable cryptocurrencies have had their values fluctuate just a little in the last day, whereas Cardano (ADA) has seen its value increase by approximately 11% over the previous 24 hours alone.

Indeed, Cardano has seen more than 70 new smart contracts landed on it in the last 30 days, and in the last week, ADA is up 30%, currently trading at $1.52.

Interestingly, a historically accurate algorithm predicted Cardano might surge to $3.60 in the next two months, which is especially noteworthy given the decentralized asset’s recent spike.

The NeuralProphet’s PyTorc-based price prediction model, also known as a hybrid forecasting framework trained with standard deep learning methods, forecasted ADA would reach $3.60 by March 1, 2022.

Presently the global crypto market cap is $2.05 trillion, a 1.38% decrease over the last day. However, after dropping below the $2 trillion level in the new year, many traders will take solace that the broader market remains steady above this level.

Notably, the whole crypto market volume over the previous 24 hours has increased by 13.6% to $70.21 billion; however, the volume in DeFi has is presently 15.96% of the market at $11.02 billion. The volume of stablecoins is $54.21 billion, reflecting 77.2% of the 24-hour volume of the cryptocurrency market.

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