Will the bitcoin bubble burst?
Bitcoin 'not seen as a currency for transactions' says expert  FREE now SUBSCRIBE Invalid email Make the most of your money by signing up to our newsletter fornow When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Bitcoin has been trading within a very narrow range since late June, while volume has also been waning. The digital coin is currently in a fairly stable place but many investors and experts believe this is a sign more volatility is on the way. Cryptocurrency has taken the financial world by storm in recent months, but many experts believe the bubble could soon burst. The crypto market is extremely volatile and changed a lot based on recent social trends. The impacting factors include the climate implications of digital coins and comments from Elon Musk. The SpaceX founder has become increasingly sceptical about Bitcoin in recent days and earlier this year announced Tesla would be getting rid of Bitcoin as a way to pay for purchases. Will the bitcoin bubble burst: Cardano rose by 51 on the previous quarter  READ MORE Cryptocurrency price LIVE: Bitcoin rebounds with overnight surge Cardanos ADA leapfrogged bitcoin to become the most held in the second quarter of 2021 - rising 51 percent on the previous quarter. Previously bitcoin led the cryptoasset bull run at the beginning of 2021. But the digital coin remained popular with a 41 increase in demand. The new eToro data appears to show investors are becoming increasingly confident in smaller cryptocurrencies and therefore bitcoin is losing some of its market dominance. Will the bitcoin bubble burst: Tweets from Elon Musk have a huge impact on the crypto market  Simon Peters, crypto market analyst at eToro said: During Q2, Cardano provided a clearer roadmap for its upcoming Alonzo hardfork  currently in a testing phase. If successful, it will bring smart contract functionality by allowing the writing and deployment of smart contracts for the first time on the Cardano blockchain. This upgrade will be significant as it will enable developers to build projects on the network, helping Cardano to position itself as a real competitor to the likes of Ethereum. The price of ADA climbed 15 percent over the last quarter, suggesting investor optimism around the Alonzo hard fork and Cardanos ability to challenge Ethereum long-term. DON'T MISS  Ethereum price sky-rockets by 27% amid new upgrade [INSIGHT]  Dogecoin rebound predicted as analyst tips crypto to surge past $1 [EXPLAINER]  Cryptocurrency price LIVE: Doge PLUMMETS hours after Elon Musk tweets [LIVE]  Will the bitcoin bubble burst: Bitcoin has been fairly stable lately  READ MORE Martin Lewis' Bitcoin scam warning as retired teacher loses 120,000 Bitcoin is currently in a period of consolidation which began on Monday. The price of bitcoin currently stands at $33,893.14 (24,584.05), which is 0.64 percent down in the past 24 hours. This is a 6.41 percent drop in the past seven days. The global cryptocurrency market cap is currently at $1.43 trillion (1.04tn), falling by 0.57 percent in the last day according to CoinMarketCap. Kevin Brown, savings specialist at Scottish Friendly told Express.co.uk: The bitcoin bubble we are seeing currently is reminiscent of the dotcom bubble we saw burst, with terrible ramifications, in the early 2000s. Bitcoin and other cryptocurrencies have risen to prominence recently due to the huge number of retail investors essentially gambling on the assumption that they will be able to sell on to other people buying in. The worry is that no one ever talks about the losers of a bubble bursting or gives a warning of what could happen, at least not until after the event, when its too late.  Trending