Major coins were down on Sunday night as the global cryptocurrency market capitalization shrank 2.55% to $2.26 trillion.
What Happened: Bitcoin BTC/USD traded 0.21% lower at $54,953.40 over 24 hours leading up to press time. For the week, the apex cryptocurrency has risen 14.59%.
See Also: How To Buy Bitcoin (BTC)
The second-largest cryptocurrency by market cap, Ethereum ETH/USD declined 3.97% over 24 hours to $3,434.48. Over a seven-day trailing period, it has increased 1.48%.
Dogecoin DOGE/USD was down 5.7% to $0.23 over 24 hours. Over the last seven days, the Shiba Inu-themed coin has risen 6.02%.
Harmony (ONE) was the top 24-hour gainer, as per CoinMarketCap data. The decentralized application or DApp focussed coin shot up 23.53% to $0.26. Over the week, ONE has soared 47.64%.
ONE has risen 24% and 28.64% against its larger peers BTC and ETH, respectively.
Why It Matters: Over the weekend, the two largest coins, BTC and ETH settled into bullish flag patterns, which as per Benzinga’s Melanie Schaffer could be a signal that the coins be in for a period of consolidation.
On Sunday, cryptocurrency analyst Michaël van de Poppe noted the consolidation on Twitter.
$ETH / $BTC breaking down, while #Bitcoin consolidating.
— Michaël van de Poppe (@CryptoMichNL) October 10, 2021
I'm assuming #Bitcoin continues, while #altcoins are not getting the game yet.
Meanwhile, J.P. Morgan Chase & Co JPM said it saw BTC becoming a gold substitute.
In a note, the bank said that "institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold.”
BTC's wider adoption may get a boost as well. a report titled the “State of Lightning” by Arcane research pointed out that BTC Lighting Network will have nearly 700 million users in 2030.
As per Arcane Research, 90% of the citizens of El Salvador — where BTC is legal tender — will use the layer 2 payment protocol by 2026.
ETH co-founder Vitalik Buterin spoke out against El Salvador’s President Nayib Bukele terming the attempt to push people to use BTC as “reckless.”
The ETH founder said the move risks a “large number of innocent people getting hacked or scammed."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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