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Wednesday, May 12, 2021

Bitcoin Manages To Pile On With The Market Cap Reaching Record Highs

Interestingly, the price of Bitcoin saw quite a minuscule gain after they went in with guns blazing. And this is even more eventful for it came on a day when the market cap on a global scale hit a record high. The value of every single cryptocurrency shot through the roof- touching $1.18 trillion. Nomics, the data company which is taking care of this data has mentioned that this boom is the unified result of both Ethereum’s stellar rise- as well as the renaissance of DeFi. And yet, Bitcoin did nothing to induce this gain. 

Bitcoin Had A Slow Day in The Market

Glassnode mentions that although Bitcoin couldn’t bring in a better deal for its currency, most of the whales have already started piling in more and more amounts of Bitcoin. Their acquisition of this cryptocurrency hasn’t been waylaid by the cryptocurrency’s less than stellar performance. Twitter news mentions that the current year has witnessed quite a few investors growing tremendously. It needs to be kept in mind that these investors have more than 1000 BTC. With the stellar increase in HODLers, most of the critics have turned towards the idea that investors could possibly be seeing a much greater value of cryptocurrency. 

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Ethereum, like Bitcoin, had a pretty quiet day- after it went about a week of rapid increase. The project climbed just 0.8%- albeit keeping its position over $1500 for four consecutive days. At the lower rungs, the action was heavy. Ripple saw its currency climb around 14% after it crashed- owing to the pump and dump action it saw from the investors. 

According to current information, Polkadot has risen by about 4.6%, while Chainlink is up 11%- Cardano saw an increase of over 16%. Yet, all eyes are on Bitcoin to see what action it brings with itself the next week. 

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