Posted by Xoken.org – The prices of Bitcoin and other top cryptocurrencies were observed to experience mixed movements on Wednesday (17/4/2024). The majority of top ranking cryptocurrencies are still in the red zone.
Based on data from Coinmarketcap, the crypto with the largest market capitalization, Bitcoin (BTC) has strengthened slightly again. Bitcoin rose 0.36 percent in 24 hours, but was still down 8.04 percent on the week.
Currently, the price of Bitcoin is at USD 63,711 or the equivalent of IDR 1.03 billion (assuming an exchange rate of IDR 16,302 per US dollar).
Ethereum (ETH) is still weakening. ETH went up 1.15 percent in the past day and 12.03 percent in the week. Thus, currently ETH is at the level of IDR 50.32 million per coin.
The next crypto, Binance coin (BNB) weakened again. In the last 24 hours BNB fell 3.03 percent and in the week 7.31 percent. This makes BNB priced at IDR 8.80 million per coin.
Then Cardano (ADA) was back in the red zone. ADA decreased 0.48 percent in the last 24 hours and 23.01 percent on the week. Thus, ADA is at the level of IDR 7,484 per coin.
Meanwhile, Solana (SOL) also caught fire. SOL fell 1.95 percent in a day and 20.99 percent in a week. Currently, the price of SOL is at the level of IDR 2.23 million per coin.
XRP was observed to be in the red zone again. XRP fell 0.18 percent in 24 hours and 19.99 percent in the week. In this way, XRP is now priced at IDR 8,105 per coin.
Meme coin Dogecoin (DOGE) also weakened. In the last day DOGE fell 3.99 percent and 7.12 percent a week. This makes DOGE trade at IDR 2,533 per token.
Stablecoin Tether (USDT) and USD coin (USDC) both strengthened 0.01 percent today. This means that the prices of both of them remain at the USD 1.00 level
Meanwhile, Binance USD (BUSD) strengthened 0.01 percent in the last 24 hours, leaving its price still at the USD 1.00 level.
The overall crypto market capitalization today is at USD 2.32 trillion or the equivalent of IDR 37,822 trillion.
Previously, the Bitcoin halving would occur soon. This crypto asset with the largest market capitalization has experienced quite interesting price fluctuations in at least the last week.
Crypto Finance expert Panji Yudha believes that the bitcoin halving event creates great anticipation because it can create an alignment between supply and demand. Then it has the potential to trigger the emergence of Bitcoin bullishness in the long term.
In the history of previous halvings, Bitcoin always experienced a fantastic rise a year after the halving, with great potential to surpass the highest price of USD 73,250 within a few months after the halving.
“The fourth Bitcoin Halving will occur at Block 840,000. Currently, the Bitcoin block has reached 839,410, which means 590 more blocks until the fourth Bitcoin Halving will occur around April 20, 2024, where it will cut rewards to Bitcoin (BTC) miners from 6.25 BTC to 3,125 BTC per block,” said Panji in an official statement, Wednesday (17/4/2024).
2 Strategy
Also worth noting is the stance taken by crypto investors. Panji said, in this anticipated market situation, investors must pay close attention to all market developments as a whole.
There are two strategies to deal with market threats. Buy The Dip, the action of buying goods if Bitcoin experiences a significant decline. Apart from that, there is the Dollar Cost Averaging (DCA) method.
“(DCA) by making periodic purchases, investors do not need to try to predict the right time to buy an asset, which can reduce the risk of missing opportunities or making bad decisions due to rapid price pressure,” he stressed.