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Major coins were down on Sunday night as the global cryptocurrency market cap fell 2.55% to $ 2.26 trillion.
What happened: Bitcoin (CRYPTO: BTC) traded down 0.21% at $ 54,953.40 in the 24 hours leading up to press time. For the week, the apex cryptocurrency is up 14.59%.
See also: How to buy Bitcoin (BTC)
The second largest cryptocurrency by market cap, Ethereum (CRYPTO: ETH) was down 3.97% on a 24-hour basis to $ 3,434.48. Over a seven-day period, it increased 1.48%.
Dogecoin (CRYPTO: DOGE) was down 5.7% to $ 0.23 on a 24-hour basis. Over the past seven days, the Shiba Inu-themed coin has risen 6.02%.
Harmony (ONE) was the top 24-hour winner, according to data from CoinMarketCap. The decentralized app or DApp-driven coin climbed 23.53% to $ 0.26. Over the week, ONE climbed 47.64%.
ONE rose 24% and 28.64% against its larger peers BTC and ETH, respectively.
Why is this important: Over the weekend, the two largest coins, BTC and ETH, settled in bullish flag patterns, which Benzinga’s Melanie Schaffer said could be a signal that the coins are in a period of consolidation.
See also: Crypto analyst Michaël van de Poppe says Bitcoin will hit that six-figure price after going above $ 63,000
Sunday, cryptocurrency analyst Michel van de Poppe noted the consolidation on Twitter.
$ ETH / $ BTC down, while #Bitcoin consolidation.
I suppose #Bitcoin continues, while #altcoins do not receive the game yet.
– Michaël van de Poppe (@CryptoMichNL) 10 October 2021
During this time, JP Morgan Chase & Co (NYSE: JPM) said it sees BTC becoming a substitute for gold.
In a note, the bank said that “institutional investors appear to be moving back to Bitcoin, perhaps viewing it as a better hedge against inflation than gold.”
Wider adoption of BTC could also be boosted. a report titled “State of Lightning” by Arcane Research pointed out that BTC Lighting Network will have nearly 700 million users by 2030.
According to Arcane Research, 90% of citizens of El Salvador – where BTC is legal tender – will be using the Layer 2 payment protocol by 2026.
co-founder of ETH Vitalik Buterin spoke out against the Salvadoran president Here is a preview calling the attempt to get people to use BTC as “reckless”.
The ETH founder said the move could result in “a large number of innocent people being hacked or scammed”.
Read more : Bitcoin promoter and President of El Salvador Nayib Bukele is on Time’s 100 most influential people list, alongside Ethereum’s Vitalik Buterin, but not for the right reasons
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