Binance coin has strengthened its position as one of the world’s largest cryptocurrencies after a 53% rally in the past seven days to the third spot behind bitcoin and ether.
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PayPal will announce later on Tuesday that it has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.
Bitcoin tumbled 17% on Tuesday, sparking a sell-off across cryptocurrency markets as investors grow nervous at sky-high valuations and leveraged players take profit.
Ether, the second biggest crypto asset after bitcoin, hit its previous all-time high of US$1 400 this month and is trading at 130 times its price of four years ago. Astonishingly, the rally may be far from over.
The total market value of cryptocurrencies surpassed $1-trillion for the first time on Thursday amid a frenzied and volatile rally in bitcoin to yet another record.
Bitcoin may have grabbed the headlines in 2020 with a price gain of 160% for the year to date, but this pales alongside its smaller brother, ethereum, which has clocked up a gain of 344% so far.
Major cryptocurrencies including bitcoin and ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
Technical indicators show the price action between bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.
The slide in cryptocurrencies accelerated on Monday, with bitcoin piercing below the $5 000 mark for the first time since October 2017.
Cryptocurrencies surged on Friday as optimism surrounding Ripple Labs’ plans for using a digital coin spread, lifting peers that have lost more than $600-billion of value since January.