Bitcoin’s Struggle Continues
Bitcoin dropped below US$46,000 overnight as the token continues its struggle to hold its value.
The world’s largest cryptocurrency by market capitalisation dropped to around US$45,600 before bouncing back to around US$47,000 at 11am this morning – a slight decrease from its value 24 hours previously.
The dip below US$46,000 marks a tough six weeks for Bitcoin where it has experienced a rapid decrease in value despite hitting an all-time high on November 11.
Bitcoin’s drop in value continues to confuse some experts who had previously predicted the coin would go to US$100,000 by the end of this year.
Even if Bitcoin does rally over the coming week or so, it will have to grow an incredible amount to achieve a year end closing price that is in line with previous bullish expectations.
Ethereum Dips Despite Traders Betting on Rally
Meanwhile, the second largest cryptocurrency by market capitalisation, Ethereum, also dipped below US$3,800 before rebounding to US$3,938 at 11am.
Several traders appear to be betting on an Ethereum rally before the year is over, with crypto derivatives exchange, Deribit, saying on Twitter that one large fund has spent US$4 million on bullish ETH call options expiring by the end of December with strike prices as high as US$4,400.
The Deribit, crypto derivatives exchange accounts for the majority of volume and open interest in the Bitcoin and Ethereum options market.
Whether Ethereum achieves such a rally in the coming week or so is an entirely different proposition altogether.
A gaming altcoin has rallied around 95 percent in the past seven days.
The gaming altcoin, DeFi Kingdoms (DFK), built on the Harmony blockchain, is a new competitor in the GameFi niche – a niche which combines decentralised finance (DeFi) with the metaverse.
Players of DFK game buy non-fungible token (NFT) characters called “Heroes,” which can be used to go on missions to earn more tokens or upgrades.
The DFK world is fuelled by the JEWEL token, which players use to purchase the NFTs.
Over the past month, DeFi Kingdoms hit over US$894 million in volume and the game also ranks as the sixth-biggest blockchain game in the last 30 days.
Winners and Losers
Image Source @ 2021 Kalkine Media®
Note: These figures represent growth in the 24 hours to 12:30pm (AEST).
Source: Coinmarketcap.com, based on top 100 cryptos.