Bitcoin
XRP, Bitcoin Cash, and Bitcoin fall despite speculations for a significant rise
The crypto market has been unstable for some time now, and as it seems, it is unpredictable. The total market cap of the crypto market has decreased by a slight percentage (stands at $194.30B currently). It was expected that the major players including XRP, Tron, Bitcoin Cash and the king itself (Bitcoin) could recover today, but the results have been inverse so far.
An in-depth look at what’s happening with Bitcoin and other cryptocurrencies right now
Last week the price of Bitcoin seemed oversold by the Williams %R – a technical oscillator that shows if a crypto asset is overbought or oversold.
Olga Kharif from Bloomberg stated that the Williams %R of BTC is moving above -83%. It is important to add that -83 to -100 indicates oversold. Even a Bitcoin rebound was speculated, lots of crypto experts say that the oversold state of Bitcoin shown by the Williams %R speculates that a rally could be upcoming which could shoot the price of Bitcoin up to the resistant level of $6900.
More importantly, lots of traders and investors were hoping this will happen, thus, making gains to be accumulated – but that hasn’t been the case.
For Bitcoin, it is rallying around $6330 at the moment. Its price has dropped from US$6,523.22 to $6,332 recording a decrease of 2.64% in the last 24 hours – even though the crypto-king was drastically oversold last week. This may be probably due to the market manipulation.
Bitcoin is still under the $8400 resistance level. The main catalyst for a sell-off at the first week of September was probably due to the cryptocurrency wallet that was dormant for four years, and then some Bitcoins were deposited into the same wallet.
Since the price of Bitcoin majorly affects other cryptocurrencies, its volume is a major concern to every crypto trader. It is also important to note that the volume of Bitcoin has dropped by a total of about 30% in 3 days. Also, at the time of writing, the 24-hour trading volume of Bitcoin is still under $3.8 Billion whereas it was $4 Billion last week.
Ethereum has dropped by a clear margin, too. Although, the current trend in the market hasn’t hit the cryptocurrency very much since Sept 11. At the beginning of this month, Ethereum was measuring an increase of 14-15% on its price. However, after the decrease in its price by 9.97% in last 24 hours only, Ethereum sits at $198 with a total market capitalization of $20,251,776,745.
Ripple’s XRP has also dipped on its value. The third largest cryptocurrency is currently down by -2.92% if we take its last 24 hours performance into account. At the time of writing, XRP is priced at $0.272. Its market capitalization is about $10.84 billion.
On the other hand, the fourth largest cryptocurrency, Bitcoin Cash, is currently down by 5.26%. At the time of writing, the price of Bitcoin Cash is $420.74 per token. Its market capitalization stands at $7,301,426,206.
Closing Words
The current market trend did not really hit some cryptocurrencies. However, it is essential to know that cryptocurrencies such as Ethereum, ICON, and DOGECOIN, made a bullish recovery last week.
Nonetheless, it is possible that in the short-term or until the end of this month, the crypto market will maintain its bearish momentum. The price of Bitcoin may still rally around $6500 to $7000 testing the $7000 price level, though.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by meredith hunter on Unsplash
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
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Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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