Buoyed by demand for non-fungible tokens (NFTs) and decentralized finance (DeFi), Ethereum (ETH-USD) and smaller cryptocurrencies ended up stealing the spotlight from Bitcoin. Its market capitalization, currently under 40%, is the second lowest it has ever been according to Trading View data.
Trading around $47,300, Bitcoin is down 8% since last week and 31% lower than the all-time high it hit in November near $69,000. While hopes for Bitcoin $100,000 have been dashed in the short-term, bulls remain unflappable — and some aren’t afraid to double down on their predictions.
“Short-term, there may be some volatility,” CryptosRus George Tung told Yahoo Finance on Monday. “Long-term, inflation is going to be a continuing issue, and bitcoin is seen as the best hedge against inflation at this point.”