Despite a steep 6% dip, Bitcoin is still in the green for the week

Bitcoin is still in green during the 7-day trading, despite sharp drop
9 months ago
3 mins read

On Monday, major cryptocurrencies suffered losses as investors became wary of another potential cryptocurrency market collapse.

However, despite investors taking profits from Bitcoin (BTC), causing the asset to drop 6.56% in the last 24 hours, it is still trading in the green on the seven-day chart, up 1.07% during the previous seven days.

The flagship digital asset is currently trading at $45,002 with a market cap of $846.5 billion, according to CoinMarketCap.com.

Bitcoin price 24% and 7 day%. Source: CoinMarketCap.com

At the time of writing, Bitcoin prices were still above $45,000, and more analysts expect a significant rise for it in the remaining months of 2021. this could mean if BTC stabilizes potentially, it could go to $50,000; if that happens, the remainder of the market will likely be boosted as well, as we witnessed at the beginning of the year.

Prominent crypto trader Tradermayne believes that maintaining the $46,000 – $44,000 level is the last line of defense before a more significant drop for Bitcoin.

El Salvador buys BTC dip

Nevertheless, El Salvador’s president has informed that the first nation to embrace Bitcoin currently possesses 700 coins. 

On September 20th, El Salvador’s president, Nayib Bukele, said on Twitter that his country had “purchased the dip” by amassing 150 additional Bitcoin.

BTC has dropped from over $48,000 yesterday to a little over $45,000 today, suggesting that El Salvador has taken advantage of the reduced pricing to its benefit.

Global crypto market

Market capitalization for all cryptocurrencies combined is at $1.98 trillion, down 7.86% from yesterday. There has been a 12.26% growth in the entire crypto market volume during the previous 24 hours. Besides that, DeFi’s 24-hour volume is 15.39% of the overall crypto market volume, or $14.71 billion.

Global crypto 7 day price chart. Source: CoinMarketCap.com

Dogecoin (DOGE) and Ethereum (ETH) have all seen their values fall somewhat over the weekend, putting pressure on the market. The news that Walmart would accept Litecoin (LTC), which turned out to be a hoax, caused a lot of confusion and lowered the value of several currencies as a result. 

Other major altcoins such as Cardano (ADA) is down 11.19% on the day and 10.99% in the last seven days bringing its price to $2.11, while Solana (SOL), after reaching all-time highs, is down 14.41% in a day and 10.21% in the last week bringing its price to $138.24

Elsewhere in the market

The biggest gainers in the Market out of all the coins include Aqua Pig (AQUAPIG), SafeBull (SAFEBULL), and Gravitoken (GRV) in the week.

Indeed, the community token, known as AquaPig, was secretly released on May 5, 2021. AquaPig is up 457.87%, currently a community-driven, completely decentralized initiative that aims to create projects, non-fungible tokens (NFTs), and select organizations for donation.

Biggest Gainers. Source CoinMarketCap.com

It tweeted that it’s pumping, and the NFT marketplace is nearing completion for the October launch.

SafeBull Protocol is a decentralized finance (DeFi) token that serves as the main coin and ecosystem for other tokens on its own exchange, which is currently under construction; the token is currently up 433.06%. It lets you own NFT tokens that feature a bull as the primary character. The goal is to support charitable initiatives and the creation of original crypto apps and games and host regular contests for holders to showcase their innovative ideas.

Meanwhile, the recently launched Gravitoken (GRV) is a gravity-free rebasing, autonomous community token with an automatic liquidity pool mechanism and an automated token buyback with burn. The token’s price is up 269.79% and is mathematically guaranteed to rise by 9.81% every 8 hours until it hits a cap of $1,337,000, at which point it becomes a stablecoin.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.