Is the bitcoin boom about to burst?
BITCOIN is currently experiencing a period of stability that has been uncommon this year.
Since late June, Bitcoin has been trading in a fairly narrow range, with volume also declining. Although the digital currency is now in a relatively stable state, many investors and experts predict that further volatility is on the way. Is it possible, though, that the bitcoin bubble will burst soon?
In recent months, cryptocurrency has grabbed the financial world by storm, but many analysts fear the bubble will soon burst.
The cryptocurrency market is extremely volatile, and it has shifted dramatically in response to recent social movements.
Elon Musk’s statements and the climate consequences of digital currency are also influencing considerations.
In recent days, the SpaceX founder has grown increasingly skeptical about Bitcoin, and early this year, he declared that Tesla would no longer accept Bitcoin as a form of payment.
Cardano’s ADA surpassed bitcoin as the most widely owned cryptocurrency in the second quarter of 2021, growing 51% over the previous quarter.
Previously, in the start of 2021, bitcoin led the cryptoasset bull run.
However, with a 41 percent increase in demand, the digital coin remained popular.
According to the latest eToro statistics, investors are getting more confident in smaller cryptocurrencies, and as a result, bitcoin’s market dominance is eroding.
“During Q2, Cardano presented a clearer plan for its forthcoming Alonzo hardfork – presently in a testing phase,” said Simon Peters, crypto market analyst at eToro.
“If successful, it will enable smart contract functionality on the Cardano blockchain for the first time, allowing the authoring and implementation of smart contracts.
“This improvement is significant because it will allow developers to construct projects on the network, allowing Cardano to promote itself as a true ‘competitor’ to Ethereum and other cryptocurrencies.
“The price of ADA has risen 15% in the last quarter, indicating investor confidence in the Alonzo hard fork and Cardano’s long-term ability to beat Ethereum.”
Bitcoin is currently in a consolidation phase that started on Monday.
Bitcoin is currently trading at $33,893.14 (£24,584.05), down 0.64 percent over the last 24 hours.
In the last seven days, the stock has down 6.41 percent.
According to CoinMarketCap, the global cryptocurrency market size is at $1.43 trillion (£1.04 trillion), down 0.57 percent in the last day.
“Brinkwire Summary News,” Kevin Brown, savings specialist.