Bitcoin’s Uninspiring Show
On a day where optimism seemed about as rare as a unicorn in a desert, Bitcoin (BTC) lingered under the $8,500 mark. For the most part, BTC wobbled between the $8,600 and $8,700 range, before taking a dive to $8,480, resulting in a 1.85% loss for the day. Talk about a dive! It’s almost like Bitcoin stepped onto a slippery floor wearing socks.
The Bullish Word from Tom Lee
Despite Bitcoin’s apparent reluctance to climb, Tom Lee, that ever-optimistic Bitcoin bull, remains cheerful. Lee, a co-founder of Fundstrat Global Advisors, unenthusiastically predicts that Bitcoin could still reach $25,000 by 2022. According to his calculations, a modest quadrupling in value isn’t just a pie in the sky—it’s practically doable if enough people hop onto the Bitcoin bandwagon. He explained:
“Cryptocurrencies are network value assets… if you double the users hold it, you get a quadrupling of value.”
Ether’s Slump
And then there’s Ether (ETH), currently hanging out at $180 per coin. Following in Bitcoin’s footsteps, the second-largest cryptocurrency also saw a dip, losing nearly 3%. It’s like watching siblings fight over candy, where both end up losing some, but a few can still keep their sweets!
XRP Faces Trouble
XRP, the currency that loves to be in the top three but seems to have a knack for vacationing in the red, is down 3.20%, trading at around $0.261. The reports suggest that if XRP can’t hold its support level at $0.24508, it might slip to a not-so-fun $0.22. Talk about a slippery slope!
The Day’s Overall Picture
As if synchronizing their dance moves, most of the top 20 cryptocurrencies were busy painting the town red. Tezos (XTZ) took home the award for the biggest loser of the day, plummeting more than 5%. However, a surprising player emerged in the form of Cardano (ADA), who decided to swim against the tide with a 2.5% gain. Overall, the cryptocurrency market is breathing heavily with a market cap of about $232.7 billion. Bitcoin, as usual, hogs the spotlight, securing 65.9% of that total.
