In the latest Bitcoin news, we are coming closer to the 10th birthday of the most dominant cryptocurrency out there – which is currently trading sideways and still hovering below the $6,500 mark.
Bitcoin turns a decade old this Wednesday – and has been flatlined below $6,500 since October 19th, showing no signs of a potential bullish run, even though its market volume increased.
Right now, BTC is trading at $6,455 as per the Bitcoin Price Index (BPI) which is up about 5% on a yearly loss. However, analysts are afraid that the annual performance could turn negative if the lateral trading continues for another 48 hours, mostly because Bitcoin was trading above $6,400 on October 31st, 2017.
The year-on-year loss would in that manner deepen, especially if the cryptocurrency fails to pick up a bid next month. The prices had witnessed a near 90-degree rally to levels above $8,00 in November 2017 after the speculation that the BTC futures listing would perhaps open new doors for institutional investors.
Let’s also not forget the fact that Bitcoin topped out around $20,000 in December 2017 and has sunk to $5,000 afterwards. A significant majority right now, however, believe that the cryptocurrency has charted a “bottom” around $6,000 and that its future looks good in terms of potential gains.
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