Bitcoin falls to $61,393 as cryptos turn bearish for third day

Author: Monitoring Desk

The cryptocurrency market remained on downward trend for the third day in a row on Saturday, with the market capitalisation shedding 2.2 percent to reach $2.67 trillion as of 1330 hours GMT.

Bitcoin, the largest cryptocurrency that hit $66,976 on Wednesday last – the highest ever level – faced further correction. Bitcoin shed 3.23 percent to reach $61,393. With this decrease in price, the market capitalisation of the biggest cryptocurrency has reached 1.156 trillion.

Similarly, ether (ETH) price, which hit a record price of $4,380 before seeing a harsh rejection, shed 2.21 percent to reach $4,025. With this decrease in price, the market capitalisation of ETH has reached $472.5 billion.

Following suit, XRP price shed 1.29 percent to reach $1.09. The market capitalisation of XRP stands at $108.9 billion after this decrease.

Likewise, cardano (ADA) price shed 1.33 percent to reach $2.15. Its market capitalisation has fallen to $69.7 billion with this decrease. On the other hand, dogecoin (Doge) price went up by 0.37 percent to reach $0.245. With this increase in price, the market capitalisation of doge has reached $32.2 billion.

According to experts, bitcoin has stalled out after reaching a record on Wednesday, but strategists are already setting out their stalls for how high the next rally will take it – $100,000 or only $90,000. The digital currency is sitting in the low $60,000s as traders watch to see how the landscape shifts now the first US Bitcoin futures exchange-traded funds are in play.

They said that initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000 and are thought to be definitely within reach on this breakout of former peaks. The last number would be a 100 per cent extension of the rally up from last March’s lows, they added.

Bitcoin reached its record amid anticipation of the US ETFs, as well as continued institutional investment in cryptocurrency assets, and possible buying by bigger investors known as whales. There are plenty of people projecting a gain to $100,000 by the end of the year.