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BTC Trading in Tight Range; Crypto Market Goes Red

BTC Trading in Tight Range; Crypto Market Goes Red
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NEW YORK, N.Y. – Bitcoin (BTC) is trading in a tight range, failing to impress as it goes way beyond the price point of $8,500, while the cryptocurrency markets are mainly showing the read candlesticks.

Bitcoin, the largest cryptocurrency in the world, has been trading between the $8,700 and $8,600 price mark for most of the day. It was already a tight range before BTC suddenly dropped under the $8,500 price range during the recent hours. Currently, TC even dropped further, showing a decline of about 1.85% during the day. It is now trading at the $8,400 price point.

Despite the continuing struggled of Bitcoin to reach higher price levels, the famed Bitcoin bull and Wall Street strategist and co-founder of Fundstrat Global Advisors, Tom Lee, said that the firm believes that the $25,000 Bitcoin forecast by 2022 is still easy and possible to achieve.

In his statement, Lee said that cryptocurrencies are assets with network value. He explained that when it comes to cryptocurrency, the more people who are holding the asset, the greater the value it gets. He continued by stating it is a log function, which according to him if there’s a double of users holding cryptocurrencies, the value would reach quadruple. Commenting on the 2022 forecast for Bitcoin, he said that in order to get to the $25,000 mark, there should be a bit less than a 4-times rise, which means the number of Bitcoin users simply need to be doubled.

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On the other hand, the number one altcoin, Ether (ETH) coin, is currently trading at $180. It has been moving in perfect sync with Bitcoin and currently moving the same decline in price behavior. Ether has already decreased by up to 3% for the day.

The 3rd largest coin, when it comes to market capitalization, XRP, is also along with the downward trend for today, continuing the losing ground it has been on for the past few days. XRP has been down for the day about 3.20% and is sitting around $0.261 price mark.

According to Rakesh Upadhyay, a regular contributor at Cointelegraph, the price of XRP is in danger of another decline, falling into the next $0.24508 support. If the next support holds, XRP will stay in the $0.24508 and the $0.31491 range for several more days, Upadhyay said. However, according to him, a decline to about $0.22 is likely to happen if the support cracks.

Most of the coins in the top 20 are currently displaying red candlesticks, with the Cardano (ADA) as the only exception as it goes up by 2.5% for the last 24 hours. The biggest loser for the market today has been Tezos (XTZ), with a 5% decline, followed by Monero (XMR) with the same loss percentage.

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