After losing the $1 Trillion markin June, the entire market capitalization of cryptocurrencies has just begun to climb back towards the lost milestone.
According to data from CoinGecko, the market cap is $998 billion as of this writing. The largest cryptocurrency, Bitcoin, as well as numerous significant altcoins, saw significant gains.
The largest cryptocurrency by market capitalization is up almost 9% this week and has risen back beyond $20,000. In press time, it is currently trading for $21,768, up 4 percent in the last 24 hours.
BTC even briefly rose above $22K on Friday, but the bears halted the advance and drove it back below where it is presently trading.
The rest of the cryptocurrency market also was trading in green. Ethereum, the second-largest cryptocurrency, increased by 15% over the previous week.
Will XRP and BTC Experience New Lows?
XRP may decline to its lowest point since 2020, according to the analyst who correctly forecasted that Bitcoin would crash below $30,000. According to the analyst Capo, XRP might fall between $0.16 and $0.14 from $0.34.
Additionally, he offers his prediction for Binance Coin (BNB), the native cryptocurrency of the well-known cryptocurrency exchange platform Binance. The cryptocurrency may reach a bottom between $125 and $135, according to Capo. BNB is now being traded at a price of $240.
He claims that it is just a matter of time before Bitcoin, the most important digital asset, may experience new lows. He said, “Retail hasn’t capitulated yet. Otherwise, we wouldn’t see such hopium when price is still at $20,000 after a weak bounce from $17,600 (13%), or neutral funding rates.Everything points to new lows. Time will tell, as always.”
In 2022, Bitcoin had a rough fall by more than 50%, affected by monetary tightening and signs of trouble in the digital asset market.
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