Cryptocurrencies like Bitcoin are 'apolitical' says financial expert
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Cryptocurrencies such as bitcoin have seen a growth in recent years. With countless cryptocurrencies on the market, some are outperforming others. One of the lead currencies in the crypto market, bitcoin, has seen impressive trading levels. Here’s the latest on bitcoin’s trading status.
In recent years many Brits have looked to invest in cryptocurrencies.
Major currencies in the market such as bitcoin and ethereum continue to attract investment, despite the crypto market’s reputation for being highly volatile.
Bitcoin has seen tremendous success recently as it briefly traded above $50,000 on Thursday September 2.
It has since dipped to $48,300 overnight.
Experts say bitcoin could be on an upwards trend hoping to break the $50,000 mark permanently.
Jonas Luethy, Sales Trader at GlobalBlock said: “[Bitcoin] is now flirting with the key psychological level of 50k.
“Traders and analysts have identified $51,200 as the next resistance to break through and $48,300 as the key support level.
“While the general sentiment is moderately bullish, a clear break above $51,000 would be needed to see a continuation of this trend.”
What is an altcoin?
Altcoins are alternative cryptocurrencies to bitcoin.
Bitcoin is the original cryptocurrency and it continues to dominate the market.
The total crypto market cap is 2.23 trillion, and bitcoin market dominance currently stands at 41.6 percent.
Well-known altcoins include ethereum, ripple and solana.
How well are altcoins doing?
Just like bitcoin, many altcoins are currently performing well.
Solana has made a new all-time high according to Mr Luethy.
It’s currently trading above $144. Since July 20, Solana has increased by 600 percent.
This makes it the seventh-largest crypto by market cap as of September 3.
Solana overtook dogecoin on September 3 which has now dropped to eighth place.
Mr Luethy said: “Interestingly, futures funding for Solana is very low, implying that most of the price action is driven by spot trading rather than leverage.”
But it’s not all good news, the altcoin ripple has been plagued by investigations from the Securities and Exchange Commission (SEC).
The SEC is a US government agency created to regulate the securities markets and protect investors.
Mr Luethy said: “More bad news for ripple as the SEC has announced that it will require the firm to hand over a million Slack messages sent between employees as well as communications sent from 22 different email custodians.”
He added: “This development could cost ripple around a million dollars and may extend the lawsuit by several months.”
Although some cryptocurrencies have seen trading success recently, Brits should do their research before investing.
The crypto market is highly volatile and its lack of regulation has faced a wave of criticism.
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