Runaway comment: Bitcoin and some other cryptocurrencies have already recovered some of their losses. On Monday, the total market value of the crypto economy fell below the $800 billion mark from one trillion dollars. Today, the overall market valuation of more than 7,500 existing digital assets has just exceeded US$900 billion.
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| Source: News.bitcoin.com
The digital currency market has seen some deep losses in the past Monday. During the trading hours on January 10 and Monday, the value of crypto assets lost 25% to 40%. For example, the price of Bitcoin plummeted from a value of $41,056 to $30,261, a drop of more than 25%.
However, today, the value of crypto assets has improved a lot, jumping more than 6% in the past 24 hours. From a long-term perspective, BTC's performance is quite good, because the encrypted asset still rose 3.1% in a week, 82% in a month, 206% in 90 days, and 332% against the US dollar for the whole year. As of press time, the trading price of BTC on Tuesday afternoon was between $34,600 and over $35,000.
The second-highest market valuation is Ethereum (ETH), which rose 12% on Tuesday and traded at $1,115. XRP rose more than 8% today and traded at $0.29. Cardano (ADA) was up 16% at press time, and was trading at $0.29 on Tuesday.
Litecoin (LTC) is trading at US$139, an intraday increase of 10%. Bitcoin Cash (BCH) rose by 8.5% and was trading at $470 on Tuesday afternoon (Eastern Time). The global overall cryptocurrency trading volume rose by 14%, and the global trading volume reached 93 billion US dollars.
Etoro's market analyst Simon Peters said in detail on Monday: "Despite a short-term correction yesterday, Bitcoin is still in a healthy state."
Peters further explained that many skeptics would call Bitcoin a "bubble", but the long-term prospects of BTC are still very strong. "Many detractors soon believed that the Bitcoin bubble had burst because the price seemed destined to fall below $30,000, but this failed to materialize," Peters explained in a note to investors.
"As a result, Bitcoin supporters won, thinking that $30,000 is a new bottom for crypto assets. In my opinion, it is too early to say. Although we are still in a price range that we have not seen before, but Some of the ups and downs that we have seen in the current crypto bull market also existed in the 2017 bull market," the Etoro analyst added.
In addition, in the recent Coin Metrics' 85th issue of "Network State Research", the research company mentioned the BTC's response to the intrusion of the US Congress on January 6, 2021.
"Bitcoin's rapid response to the events of January 6 shows its continued maturity as an asset in response to global events," wrote Nate Maddrey and the Coin Metrics team. "This may also add to the evidence that Bitcoin is sometimes seen as a hedge against global turmoil. But the rise to $40,000 also occurred at the tail of the strong increase at the beginning of the year, so it is difficult to confirm the exact impact of the January 6 event."
At the same time, well-known gold supporter and economist Peter Schiff sneered at Bitcoin's plunge last Sunday. "Bitcoin traded at nearly $42,000 last Friday and fell to $30,000 on Monday," Schiff wrote on Twitter. "Assets that fell 28% over the weekend are not safe-haven assets, not a store of value, nor a hedge against inflation. If you want to gamble on Bitcoin, buy Bitcoin. But if you want to hedge against inflation, buy gold ," Schiff added. Later, Schiff also stated:
“As long as people don’t realize or don’t care that Bitcoin has no actual value and continue to buy it, its price can continue to rise. But in the end, those who don’t care will start to care, and those who don’t understand will figure it out. It’s too late to sell."
Of course, many cryptographers said that Schiff talked about Bitcoin just to get some attention. "It sounds like Bitcoin can help you attract more fans than gold at this point," one person responded to Schiff's tweet about Bitcoin. "It seems that this is the true value to you. Irony. If you are right, appreciate your warning, if you are wrong, forgive you. Good luck," the person added.
Schiff replied that he has been trying to get people out of the Bitcoin bus. "It's hard to tell, but I guess if I get on the Bitcoin ride instead of trying to persuade others to leave, I will have more fans," Schiff said.
At the same time, the tokens with the biggest gains today include stakenet, district0x, genaro network, dmarket, and nano, and their gains are between 40% and 91%. The biggest decliners on Tuesday were tokens such as golem, bitnautic, everex, acute cloud and coinmeet. These five tokens fell between 5% and 19.99% on Tuesday afternoon.