How Doge, bitcoin, and Ethereum are tracking today in terms of cryptocurrency price predictions for 2021
THE VOLATILITY OF CRYPTOCURRENCY MARKETS IS WELL-KNOWN, SO HOW IS THE CRYPTOCURRENCY MARKET RIGHT NOW?
Bitcoin has long been the market leader in cryptocurrency, but it has recently faced a number of setbacks. Ethereum has recently attracted a lot of attention, as has the meme-based cryptocurrency Dogecoin, which has a lot of popularity on social media.
Cryptocurrency has recently experienced a lot of developments, some of which have had a favorable or negative impact on its price.
Several times in recent months, the price of cryptocurrencies has plummeted.
The price of bitcoin has fluctuated this year as a result of tweets from Tesla CEO Elon Musk.
Earlier this year, the billionaire stated that Tesla will no longer accept bitcoin for vehicle purchases in a tweet.
China has also announced a crackdown on cryptocurrency trading, raising concerns among cryptocurrency investors.
Domestic banks and other financial organizations in China have been prohibited from promoting bitcoin by Chinese regulations.
However, a handful of financial institutions have recently taken steps to facilitate bitcoin payments through their platforms.
Mr Musk’s recent suggestion that Tesla might one day accept bitcoin again sparked a price increase.
Katharine Wooller, managing director UK and Ireland of Dacxi, a crypto wealth building platform, commented on the recent developments in the crypto market, saying that cryptocurrency has been “unpredictable” recently.
“It’s been a strange summer for crypto, much like the recent UK weather, unpredictable and downright frustrating,” Ms Wooller told This website.
“An onslaught of bad news, including China cracking down on bitcoin miners, IRS pressure in the US, and Elon Musk, crypto’s best friend and worst enemy, churning out ill-timed unloving tweets, caused a dramatic drop in prices in mid-May.
“However, there has been recent cause for optimism: Bitcoin, in particular, surged 11% over the weekend and has held $40,000, a level it had been battling to hold.
“Ethereum, too, has reached a point of stability. If bitcoin can maintain its bull run, it is likely that other trustworthy cryptos will follow.”
“We have had a phenomenal 12 months of growth in the crypto industry, so we wouldn’t be shocked to see a period of consolidation and wild sidewards trading,” Gavin Smith, CEO of cryptocurrency consortium Panxora, told This website.
“However, in our opinion, bitcoin and Ethereum should be kept distinct from Doge.”Brinkwire Summary News”.