Bitcoin price crossed the 40K USD mark on Tuesday, 15th June after seeing a consistent rise in the last one week has seen a bit of dip in the last two days and is currently around 39K USD as of 17th June 2021. It has seen a drop of about 3.5% in its price in the last 24 hours. The cryptocurrency investment products and funds saw outflows for a second consecutive week. Total cryptocurrency outflows recorded at $21 million for the week ending with 11 June.
As normally happens in the cryptocurrency world, when bitcoin goes down there is a big possibility that other altcoins also go down with it. As we have seen with Binance and Ethereum again. Ethereum is the second most popular cryptocurrency after bitcoin and it has seen a drop of about 4.67% in the last 24 hours and now its price is around 2,410 USD as of 17th June 2021.
The third most popular cryptocurrency these days is surely Binance Coin which also followed the trend and has gone down 4.25% in the last 24 hours with its current price being around $354.
“Interesting buildup is observed across the crypto sphere. Bitcoin, Ethereum, and other major alts are slowly moving out of consolidation,” stated Edul Patel, chief executive, and co-founder, Mudrex- A Global Crypto Trading Platform, expressing his views.
With the price drop of Binance Coin and Ethereum and some other altcoins, the dominance of bitcoin has increased 1.22% over the last one day and its dominance is currently 45.1% of the total market.
Elon Musk strikes again
The CEO of Tesla on 13th June tweeted that the electric carmaker “will resume allowing Bitcoin transactions” if there’s “confirmation of reasonable (~50 percent) clean energy usage by miners”. And just this tweet from Elon Musk caused the cryptocurrency price to rise again.
Just in a single day after this tweet bitcoin price has gone up by more than 10% in a single day. It rose by close to $5000 in a single day, past $40,000. That is what a single tweet of Elon Musk can do.
But in the last 48 hours, crypto investors have turned cautious as major cryptocurrencies have shown a downtrend in the last 2 days. Not only Bitcoin, Ethereum, and Binance coins but all the top 10 coins in the CoinMarketCap had shown the downtrend.
So this was another week of Bitcoin’s wild swing in the prices.