The majority of cryptocurrencies traded in the green early Sunday. Bitcoin is up 0.62% in the past 24 hours to $4,2679.03, while Ethereum is up 1.26% at $3,254.76.
According to Coindesk data, Ether, the second most traded cryptocurrency, was trading at $3,254, up 1.21%.
During the previous day’s session, Bitcoin was trading at the long-term support level, while the cryptocurrency markets continued to decline.
The BTC/USD pair spent most of Saturday trading near the $42,000 support level, after the previous low of $4,2183.25.
Bitcoin, the world’s most valuable cryptocurrency, is currently worth $811,832,005,365. The total volume of bitcoin that was traded on WazirX in the last 24 hours is $15,699,206,138.
The market capitalization of Ethereum is currently $391,371,137,484, and its 24-hour trading volume on WazirX is $9,677,852,941.
Bitcoin high volatility
Bitcoin’s drop on Saturday follows Friday’s rally at $43,903.02, but with increased volatility, traders liquidated some positions, sending prices lower.
With Saturday’s dip, ETH is now down more than 9% in the past seven days, staying close to the long-term basement.
Bitcoin price is down nearly 12% from its March 28 high of $48,238.
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BTC is currently wrestling between the support level at $42,076 and the demand area of $40,490 to $42,316. Its price has fallen by 7% in the past seven days, while the price of Ethereum has corrected to nearly 5.45%.
In addition, the popularity of alternative cryptocurrencies (altcoins) has risen and fallen as investor sentiment fluctuates between optimism and pessimism.
BTC total market cap at $825.56 billion on the weekend chart | Source: TradingView.com
Bitcoin 2022 Miami A Success
The Bitcoin 2022 conference concluded in Miami, where over 25,000 people celebrated the world’s most popular cryptocurrencies and other assets.
The annual event brought together some of the industry’s most prominent figures, including Galaxy Investment Partners CEO Michael Novogratz and PayPal co-founder Peter Thiel, to discuss the state of Bitcoin.
The cryptocurrency economy has expanded in the months following the COVID-19 pandemic that devastated the majority of the world’s economies, with more crypto companies emerging and thriving.
Bitcoin’s value has more than quadrupled since before the outbreak, despite dropping nearly 40% since its November high.
Busy week for BTC whales
Meanwhile, according to the latest data, bitcoin whales have been busy buying fresh supplies from sellers, as Bitfinex has seen some large bid volumes fill.
Several crypto news outlets have previously reported the importance of Bitfinex whales and their recent buying and selling activity.
Similarly, another large, anonymous wallet continued to receive millions of dollars’ worth of bitcoin at regular intervals regardless of price movement – a practice known as dollar cost averaging.
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Featured image from Marca, chart from TradingView.com