Bitcoin falls 10% in weekend trade as alts run

Posted: 18 January 2021 2:42 am
News
bitcoin price 18 jan 1800x1000-min

Bitcoin has another rough weekend while altcoins enjoy their time in the sun.

  • Bitcoin down 10% in another weekend sell-off
  • Polkadot and others multiply in price
  • Welsh man asks to dig up trash to find 7,500 lost Bitcoin

Bitcoin is trading around $35,000 at the time of writing and has slightly decreased in the last 24 hours. However, weekend trade tells a story similar to the previous weekend’s Bitcoin trends. The Bitcoin price peak was on Friday at $39,846 before a protracted sell-off of 10.2%.

Its drop comes amid a sharp rise in the value of altcoin Polkadot which made headlines for flipping XRP to become the crypto market’s fourth largest cryptocurrency in terms of market capitalization, even as many other cryptocurrencies also continue to rise.

Polkadot goes up by 166%

The chart below shows the year-to-date performance of Polkadot (purple) compared to XRP (blue), which continues stagnating under delistings and the threat of SEC action.

Picture not described

Polkadot’s native token has had a market-beating week pumping from as low as $7.21 to the week’s high of $19.22. That’s a staggering 166% increase on the week alone. With those numbers, it’s not surprising that DOT has leapfrogged both XRP and Cardano.

These recent price moves now make DOT the fourth largest cryptocurrency in terms of market capitalization, below only US Tether, Ethereum and Bitcoin. DOT’s market cap is sitting around $12.09 billion according to data from Coinbase.

Man who put 7,500 Bitcoin in trash offers to donate $70 million for permission to dig at the dump to find lost Bitcoin

IT technician James Howells threw away a hard drive containing 7,500 Bitcoin that he had personally mined in 2011. In 2013, when Bitcoin increased to over $7,000, Howell scoured the dump in an attempt to recover the hard drive according to a CNN report.

Howell refuses to give up on the needle in a haystack venture and has proposed to the Newport City Council a donation of $70 million should he be able to find the digital treasure estimated to be worth over $250 million at today’s prices. However, his requests are being met with refusal over environmental factors and the cost of excavation.

Only time will tell if the treasure will ever be salvaged.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, see how to keep your crypto safe with our end to end guide to cryptocurrency security and dive deeper with our simple guide to DeFi.


Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Getty

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site