Consider these 9 things before investing in mutual funds!
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Bitcoin, the world’s largest cryptocurrency, on Friday advanced 0.78% and was trading at $39,989.56. Ethereum also rose by 6.06% and is currently at $2,282.24. Most of the major Cryptocurrencies were trading in the green, while Tether, USD Coin and Binance USD fell by less than 0.05%. XRP gained by 7.44% and Polkadot rose by 6.87%.
Top 10 Cryptocurrency prices as on July 30, 2021
| S.No | Name | Price | %Change |
| 1 | Bitcoin | $39,989.56 | 0.78 |
| 2 | Ethereum | $2,282.24 | 6.06 |
| 3 | Tether USDT | $1.00 | -0.04 |
| 4 | Binance Coin | $321.72 | 3.23 |
| 5 | Cardano | $1.31 | 3.25 |
| 6 | XRP | $0.7553 | 7.44 |
| 7 | USD Coin | $1.00 | -0.03 |
| 8 | Dogecoin | $0.2081 | 1.75 |
| 9 | Polkadot | $15.55 | 6.87 |
| 10 | Binance USD | $0.99 | -0.05 |
*All prices as of 30 July 2021, at 9:15 AM, Table Source:coinmarketcap.com
Bitcoin jumps 30% in seven days
Bitcoin and other ace digital coins have gained as much as 30% in the last seven days. The cryptocurrency hit the $40,000 mark on Wednesday and investors have set their eyes on the $50,000 as the next target.
Analysts warned investors not to fall prey to market cycles, keeping their long-term bullish view intact. Siddharth Menon , CEO of WazirX in an interview with The Economic Times said that Bitcoin could play a significant role as adoption goes up as many institutional investors are getting greedy.
However, market watchers are worried about the sustainability of this bull market. They also added that the crypto market is on a roll, despite weaker volumes which means that the party may get over soon.
In an interview with The Economic Times, Edul Patel, CEO and Co-founder, Mudrex advises crypto investors to be prudent in differentiating greed and fear in the financial markets. He adds that the recent rally has lured investors and traders into the markets, who have joined the frenzy to make a quick buck. He also cautioned that they may get trapped if the large players keep dumping them.
Several analysts have predicted that Bitcoin could hit the $1,50,000 mark by 2022. However, Bitcoin was trading at 35-40% lower from an all-time high of $64,865.
Patel says that there are significant upgrades in the pipeline for both Bitcoin and Ethereum. These are expected to roll out by the end of the year which can be a game-changer for crypto tokens.