look news india
Mumbai: After reaching close to $100,000 last week, leading crypto Bitcoin’s rally has stalled and is currently trading around $99,000. Players are keeping an eye on how Donald Trump views the cryptocurrency market. The total market cap of cryptocurrencies has increased by more than 132 percent in a year.
The data received indicates that Bitcoin players are withdrawing their investments after reaching close to $1,00,000. According to a report, orders to buy and sell Bitcoin have been coming on the exchanges for the last two-three days.
After the results of the elections held in America on November 6, Bitcoin has rapidly increased from $68,000 to close to $1,00,000, but has not yet touched the level of $100,000. One analyst said any negative reports could lead to a correction in Bitcoin.
On Friday last week, Bitcoin had shown a level of $ 99,500. Bitcoin’s share in the total market cap, which was 61.50 percent at the end of last week, has fallen to 59 percent, which also indicates that investors are shifting investments to other cryptos.
On Monday, the price of Bitcoin was quoted at around $99,000. Another analyst also said that Bitcoin is getting exhausted at this level.
The total market cap of cryptocurrencies reached $3.35 trillion. The market cap has increased by 132 percent in the last one year.
US President-elect Donald Trump is in favor of cryptocurrencies and players expect favorable policies for the crypto market under his rule.