BUSINESS | Jul 09, 2021 | WOZINGA NEWS
Bitcoin 2.0 escalates, other cryptos fall!
- Bitcoin 2.0 is now taking its steps as it continues to move forward.
- Major cryptocurrencies like Ethereum, Dogecoin, and Ripple’s XRP coin are dropping.
- The largest cryptocurrency according to market value, Bitcoin holds steady over the last 24 hours.
By Elah Mae Ariate Wozinga Journalist
Bitcoin was the only major cryptocurrency to hold steady in the last 24 hours, while the others continued to fall.
Despite the current drop in other cryptocurrencies, one of the newest digital coins, Bitcoin 2.0 (XBTC2), is taking its steps to move forward.
Bitcoin 2.0 Continues to Rise
Bitcoin 2.0 is a decentralized currency that aims to defeat mainstream media by supporting independent news sites.
Meanwhile, Bitcoin 2.0 has been updated to include the New Media Coin. The XBTC2 coin can be converted and used for advertising space, email blasts, and other purposes.
According to its White Paper, the Bitcoin 2.0 payment system is faster than Bitcoin due to its Ethereum 2.0 blockchain technology platform. It uses Eth2; the XBTC2 cryptocurrency has a distinct edge over Bitcoin.
The Plunge of Other Digital Coins
After they all plummeted in value from Wednesday to Thursday, BTC responded by registering a 0.5 percent drop by 7 a.m. (UK time) on Friday morning, Business cloud reported. It is around $33,000, having touched $35k last weekend, but it is 0.5 percent higher than last Friday.
On the other hand, Ripple’s XRP coin is currently trading at 62 cents, also, down 2% from its previous week’s price. In addition, Elon Musk’s favorite coin is also included. Meme currency Dogecoin (DOGE) fell below 21 cents once more. That is a 5% drop in 24 hours and a 15% drop in a week.
Ethereum Price Forecast
Bullish pressure was pushing Ethereum, the world’s second-largest cryptocurrency towards, the expected $2600 resistance level. However, selling pressure set in, and the price quickly dropped to $2140, indicating a bleak outlook, according to the report.
According to the FX Street report, the price of Ethereum has triggered a rising wedge pattern, with a resounding decline of more than 7%.
Rumors of a London hard fork delay have been advanced as the cause of today’s drop. However, the charts already provided clear evidence that ETH was primed for a drop. Based on the price structure, not the rumors, the smart contracts behemoth could drop another 20%.