Bitcoin’s price surge has reached an all-time high despite the collapse of the Libra meme coin. This is a major achievement for Bitcoin, as many altcoins, such as Solana, have faced price turbulence due to market volatility. Bitcoin’s dominance will remain unmoved for quite some time. While the collapse of the Libra meme coin can be attributed to an erosion of investor confidence, this could also be the reason for the reinvigoration of Bitcoin as a trustworthy investment.
Bitcoin’s price has surged 60% in terms of market dominance. This is a 5% increase from last month and a 12% hike from the previous year’s price. Bitcoin has been witnessing a steady rise in price compared to other altcoins, such as Solana, which has suffered considerable volatility.
While many institutional investors have invested in Bitcoin recently, the altcoin market is still driven by retail investments. Bitcoin is now perceived as a stable investment compared to altcoins. All these factors have contributed to this price outcome.
Bitcoin: Current Market Scenario
Bitcoin has had a stable outlook in the market in terms of price. The price of Bitcoin has remained stable in the range of $95,000 to $98,000. The current price of Bitcoin is $96,058.88. It has a market capitalization of $1,904,542,673,671 and a fully diluted valuation of $1,904,542,673,671. The 24-hour trading volume of Bitcoin is high at $25,041,694,728. While Bitcoin has a total supply of 21,000,000, its current circulating supply and total supply are at 19,825,840.
The current price of Bitcoin is down by 11.7% from its all-time price of $108,786 and is 141562.3% high from its all-time low price of $67.81. The 24-hour price range of Bitcoin is $95,242.83 – $96,914.81 whereas its 7-day price range is $94,907.04 – $98,623.62.
Bitcoin’s medium-term price prediction depends on the inflow of investments by institutional investors. The spot Bitcoin ETF events and the continued effect of the Bitcoin Halving event of 2024 are catalysts for its medium-term price stability. The long-term price stability of Bitcoin may persist till a significant movement in the market through the influence of an important catalyst.
Fortunately, the chance of such an occurrence is almost nil in the near future. So, Bitcoin’s current stability will remain intact despite the volatility faced by altcoins. Other macroeconomic factors such as tariffs, debt ceiling, inflation, and political unpredictability have not touched the price of Bitcoin yet.
Libra Meme Coin’s Collapse
The collapse of the Libra meme coin, a meme coin promoted by Argentinian President Javier Milei, has somewhat ended the hopes of an upcoming altcoin season. This development has once again triggered distrust in the meme coins which are usually fun-filled coins without any particular intrinsic value.
Most of the meme coins become instant hits soon after their launch, but only a small number of them persist in the market. The undue hype given to these coins is feared to tarnish the legitimacy of genuine innovation too.
With the Argentinian President’s endorsement, the Libra coin suddenly gained prominence soon after its launch. Its market capitalization had peaked at $4.5 billion. The crash of the Libra coin started after eight wallets associated with the Libra team liquidated $107 million worth of the token, causing a 95% crash in its value. This triggered doubts about market manipulation to promote insider trading among the various stakeholders of the coin.
The collapse of the Libra coin is significant to the whole crypto industry with long-standing effects on the whole market. Such events will only strengthen the underlying notion that crypto is not a safe and reliable bet. This has also resulted in a lack of confidence among the regulators to let loose crypto regulations.
Conclusion
The unchanging dominance of Bitcoin amid the collapse of the Libra meme coin and the general volatility of the altcoin market signifies the chances of upcoming investments in Bitcoin both from institutional and retail investors. With the current global political and economic scenario, Bitcoin’s dominance will continue in the market.
