Many best cryptocurrency news sites showed their enthusiasm for a new all time high for BTC when the most dominant cryptocurrency jumped from $9,000 to $11,500. The latest series of events show that Bitcoin sits below $10,000 – but analysts are certain that BTC is still bullish and will visit five digits very soon.
According to data from CoinMarketCap, Bitcoin has been in a decline through Thursday, which followed the previous day and its downward momentum. In total, over the past 48 hours, the BTC/USD pair has fallen around 15%.
At press time, BTC is at $9,980 with support that has lowered significantly. Now that Bitcoin sits below $10,000, it is likely for the pair to stabilize and trade around this point for a while – as some indications show.
The coming altcoin news show that the 5% decline of Bitcoin translated to greater losses in other cryptocurrencies. Ether (ETH), for example, has lost 11.36% of its price and is trading at $182 right now. Ripple (XRP) is at $0.26 with a 10% decline on the day while Bitcoin Cash (BCH) has lost almost 11% and is sitting bearish at $303. Litecoin (LTC) suffers from the same 10% decline too and is at $75, while Binance Coin (BNB) lost 6% and is at $27. Finally, EOS (EOS) has lost 11% and is at $3.59 right now.
In the top 20, the altcoin news show that as Bitcoin sits below $10,000, altcoins are suffering. Tron (TRX), for example, lost more than 14% overnight and is at $0.017 right now – seen as the biggest loser in the top 20 market cap.
According to Peter Brandt, a veteran trader, Bitcoin can be compared to its bullish period from 2015 to 2017. However, this year’s performance for BTC was superior.
“The current trend has yet to do so,” Brandt summed up on social media.
Other bullish tones in the latest cryptocurrency news came from Anthony Pompliano who just like always praised Bitcoin. “The Pomp” said that even if it faced 50% price losses, Bitcoin would still have outperformed the S&P 500 index in 2019.
In total, the cryptocurrency market has lost more than $40 billion this week. As Bitcoin sits below $10,000, its share (market dominance) remains stable at just above 68%. However, it is clear that there is a bearish momentum surrounding the markets right now.
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