The crypto market is still on a decline since last week and has not broken the monthly highs. Let us look into the main events that led to the price movement of some promising crypto coins.
Bitcoin: BTC is currently trading at $42,969. The price reached a monthly high of approx. $52,428 and the price has since been on a bearish trend. Bitcoin dropped by 1.49% in the last seven days. However, the price increased by 2.99% over the last 24 hours.
Orlando Bravo, a Puerto Rican billionaire businessman, is optimistic the price of Bitcoin will increase. He also believes that institutional adoption of cryptocurrencies is the big driver behind the popularity in future. He joins other prominent individuals like Rick Rieder, CIO of BlackRock, who also praised the technology behind cryptocurrencies.
Ethereum: Ether, as usual, followed Bitcoin’s trend this week and declined by 4.37% in the last week and is currently trading at $2972. However, Ethereum’s price was up by 4.38% in the last 24 hours.
According to a study released by Kraken Intelligence, Ethereum miners accumulated an additional 2 million ETH, worth $6.1 billion, after the so-called London hard fork’s activation in August. Ether miners’ holdings reached a record high of 22.3 million ETH, worth about $70 billion.
Ripple: XRP is currently trading at $0.9433, the price declined by 3.81% in the last seven days, and it gained 0.94% in the last 24 hours.
Ripple is launching a Creator Fund worth $250 million. The purpose of the fund is to help creators to find new use cases for NFTs on the XRP Ledger. Furthermore, the primary feature of the fund is to provide technical support to integrate with the XRPL and customize NFT experiences.
Litecoin: The current value of LTC is $152.00, and it’s up by 3.47% in the last 24 hours and down by 6.10% over the past seven days.
Litecoin reached an all-time high in June 2021 of $197.8. However, it has failed to break the high, much like all other crypto coins this year. According to crypto analysts, Litecoin might see lower prices. They anticipate a decline due to the bearish divergence on the 4-hr time frame and predict the price to reach the support level of $139.70.
