Bitcoin Goes Below $57,000, and Other Coins Get Focused

URL copied to clipboard.
Image: Art Rahen | Unsplash

According to the reports of different types of currency exchanges, the value of Ethereum remained just the same in the past 24 hours. However, the hold cryptocurrency world has gone down by 9% in the past weeks. It is due to the recent downfall in the cryptocurrency market prices at BitQT Official Website. Recently, it is believed that bitcoin will recover soon as its prices showed some recovery signs on the past weekend. However, just after the weekend, the prices started to decline again.

Currently, cryptocurrency bitcoin is standing at different prices at different cryptocurrency exchanges. For example, in India, the value of one bitcoin stands at US$62,320, and on another cryptocurrency exchange mobile level, its price stands at $56,884. As a result, the bitcoin prices decreased by 1.27%, and trade closed on Monday at a lesser value than the increase by3.67%. In the last week, the total market value of bitcoin decreased by 9%.

Image: Art Rachen | Unsplash

Why are cryptocurrencies decreasing?

The market analysts believe that it is because of the infrastructure bill signed by the United States president Joe Biden. According to the new infrastructure bill in the United States system, the brokers dealing in digital assets will also have to record and report the transactions they make in cryptocurrencies to the internal revenue service from the beginning of 2023. However, it is not only the bitcoin struggling to increase its value in the cryptocurrency market. Other cryptocurrencies like ethereum are also dropping. Recently, in the past 24 hours, its areas experienced decreased prices by 0.67% and stood at a value of $4572. This price is according to the Indian level, while at the global level, 1ATM was $4171. 

According to the data given by several websites, which are cryptocurrency price takers, Ethereum has roughly declined by 13% after its all-time increase in value on November 10. It reached the highest value of all time at $4870 on November 10, but later on, the prices started to decline because of the pressure imposed by bitcoin on the other cryptocurrencies. The cryptocurrency market was closed entirely in the past 24 hours. The bitcoin started to decline towards the 57,000 price levels and kept attracting towards the bearish market. The dominance of bitcoin decreased below the 42% level, and the other cryptocurrencies in the market are at a better value than bitcoin. Hence, if you are looking forward to investing your money in any cryptocurrency at this point, it should better be any other than bitcoin.

Image: Executium | Unsplash

The CEO of the investment platform, Mudrex, said that it is expected that the cryptocurrency market will remain range-bound in the coming 24 hours. He gave the statement based on the actions of the cryptocurrency market in the past 24 hours. The market analysts suggested that the other coins in the cryptocurrency market are considered the focus for this week. Some prevalent coins like ripple have experienced an increase in their value over the past 24 hours. Also, a few coins like Polkadot and Tether experienced a dip in their prices, but the dip was not significant and will recover soon. The coin DOGE is currently valued at $0.24 and experienced a decrease in its price by 1.2% in the last 24 hours. On the contrary, the other coin Shiba Inu stands at .000044 $ and experienced an increase in its prices by 1.46%

How does this affect El Salvador?

Recently, El Salvador had decided to build a bitcoin city and therefore, the market is showing a negative response to that decision. The President of El Salvador is looking forward to creating a bitcoin city that bitcoins will entirely fund. The place is near the volcanoConchagua, and it is going to harness its geothermal energy to create new bitcoins. Also, the city will be getting its energy and power supply from the same place. The idea of bitcoin city has all the required resources, but it lacks global support, which is an essential element.

Image: Denarium_Bitcoin | Unsplash

For constructing a bitcoin city, the El Salvador government will issue $1 billion in bitcoin bonds. The city will not have any property, capital gain or income tax so that people can stay completely free of any unfair taxes. The costs will be covered by sales taxes and the money raised by bonds that the government intends to issue. On the contrary, as Facebook is looking forward to creating a metaverse, it has named it Meta. The metaverse coins like Gala and the Decentraland have experienced an increase in their prices in the past weeks.


More headlines