Bitcoin above $46,000; ether, dogecoin also gain
Cryptocurrency prices today were trading higher with the world’s largest cryptocurrency by market capitalization, Bitcoin trading with mild gains of 0.5% to $46,062. Bitcoin prices have gained over 57% this year (year-to-date or YTD) amid volatility.
Ether, the coin linked to ethereum blockchain, was up 2% to $3,228 whereas dogecoin surged over 9% to $0.28. Other digital coin like XRP, Litecoin, Stellar, Cardano also surged more than 10-19% the last 24 hours, as per Fintech Zoom.
Fundstrat Global Advisors’ Tom Lee also sees Bitcoin reaching $100,000, by the end of 2021 as reported by Bloomberg. The firm’s co-founder and head of research recommends investors follow a simple rule: If Bitcoin crosses above its average price over the last 200 days — a long-term momentum measure — then it’s time to buy. The coin crossed that hurdle in recent days. “With Bitcoin crossing above its 200D, we think Bitcoin will rally strongly into,” year-end, Lee wrote in a note, reported Bloomberg.
Bitcoin investment products and funds registered outflows for a fifth consecutive week, as investor sentiment remained cautious in the midst of increased global regulatory scrutiny, data from digital asset manager CoinShares showed.
Outflows from the world’s most popular cryptocurrency totaled $33 million in the week ended Aug. 6, compared with $19.7 million the previous week. But so far this year, bitcoin inflows remained a robust $4.2 billion.
Total crypto outflows added up to nearly $26 million, although CoinShares noted that the magnitude of outflows was much less than in May and June.
(With inputs from agencies)
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