The flagship cryptocurrency Bitcoin is up 0.39% (24h), and is changing hands at $3849.49 at press time. Ethereum (ETH) and Ripple (XRP) are also still pulling ropes in the market. Bitcoin (BTC) yesterday experienced low volatility, having plunged to as low as $3807.00 and surged high hit $3913.71.
On a weekly view, Bitcoin had lost not more than 1%, with $4209.15, a market cap of $73.891 billion and 24h trading volume of $9.292 billion on Sunday, February 24, after which the crypto plunged to almost $3,793.71 on the same day.
Warren Buffett, CEO Berkshire Hathaway, earlier today defined BTC as a “delusion” and noted that it attracts “charlatans.” Buffett noted that:
“You can stare at it all day, and no little BTCs come out or anything like that. It’s a delusion, basically.”
Bitcoin is dropping towards key weekly support after buyers and investors failed to rally the BTC/USD pair more than the psychological $4,100 resistance level.
If sellers manage to break the $3,700 support level, the BTC/USD pair will probably go down with more selling pressure towards the $3,550 price level. But if the elephants can manage to defend the $3,700 technical level, a significant recovery towards the $4,000 level seems to be the most probable scenario.
Ethereum has also managed to wipe out gains dramatically, ETH has plunged from more than $160 to $138 (-0.72% 24h; and -6.37% 7d). Today, Ripple is trading like a hot cake, it is now standing at $0.319 (5.04% 24h). It is still seeing a weekly decline by (-3.57% 7d).
The total crypto market cap is at $129.762 billion and the 24h volume is $29.902 billion at press time, according to coinmarketcap data. Bitcoin dominance is now at 52.0%.
Meanwhile, Palladium has hit it a new all-time high of around $1,535.50 per ounce, at press time, following the major menaces of strikes within the South African mining industry which intensified the supply deficit for the metal, according to CNBC.