In the early hours of Tuesday, SOL was down the most, while Bitcoin, Ethereum, and Cardano remained in the red.
SOL was down 4.24 percent at US$213.57. As demand for the ‘low-cost’ alternative to Ethereum dwindles, even as ETH prices fall. Ethereum was down barely 1% on Tuesday, trading at $4,171, roughly 14% below its all-time high set in October.
Bitcoin fell 1.5 percent to US$56,556, with market analysts anticipating a possible dump of 141,000 BTC that has been limited for the past seven years due to the bankruptcy of the Mt. Gox exchange. In the early days of cryptocurrency, the collapsed Japanese exchange facility handled the majority of transactions, and trustees have been sitting on a pile of Bitcoins worth close to US$8 billion. Those coins will transfer to creditors as soon as possible.
Meanwhile, the Bitcoin price is still a long way from the psychologically significant US$60,000. As a result, it appears that Bitcoin bulls and HODLers will have to wait.
In late afternoon trade, Cardano was trading at US$1.78, down slightly more than 2 percent from its previous high. Decentraland, a cryptocurrency used on a metaverse platform, was one of the few gainers in the run-up to the Thanksgiving holiday, which takes place later this week in the United States. The cryptocurrency rose 13 percent to US$4.20 in the days leading up to the holiday.
According to other cryptocurrency news, the estate of world-renowned novelist JRR Tolkien, author and illustrator who is best known for his work on The Lord of the Rings and The Hobbit, filed a lawsuit against the creator of the crypto token ‘JRR Token.’ It is planned to issue the coin in August 2021 under the sphere in order to violate the author’s trademark.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”