- November 12, 2019
- Posted by: icoblock
- Category: Uncategorized
We saw a busy week with events and attempts to influence the price. Bitcoin lost a key support level of $9,000 in a sudden move downwards which took its price to where it currently trades at around $8,700. However, the volatility continues and traders who’ve taken up leveraged positions might be in trouble as it’s quite difficult to keep up with the market.
The month begins with a little enthusiasm and a quick correction which reminds us that the end of the year is approaching and there’s not a lot of time for the cryptocurrency market to move. Those who plan their taxes will have to close their positions. However, we saw an upward trend throughout most of the year and we don’t expect to see a realization of losses right before the end of the taxation period.
On the other hand, Bakkt’s volume continues to increase steadily. This could suggest that institutions are waiting for a lower price to make their entry. Yet, it’s clear that Bakkt’s impact on the market wasn’t what many expected. Instead, it was news from China which brought the market up.
Altcoins continue to hold on and some have even increased against Bitcoin and the US Dollar significantly. Of course, we haven’t seen inflows as serious as those back in 2016 and 2017. The trend is rather mixed up and this week we saw Tezos and VeChain making their holders happy with increases of around 30%. The money appears to be moving between the different cryptocurrencies after quick corrections and breakout attempts. We have yet to see if there is another chance for an altcoin season or if 2019 will go down in history as an unfruitful year for altcoins. It’s also interesting to see what will happen to Bitcoin’s dominance and which altcoins will be leading the list.
Market Cap: $239.4B
24-Hour Volume: $65.9M
BTC Dominance: 65.9%
BTC Shorts (BFX): 6.2K BTC
BTC Longs (BFX): 25.7K BTC
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This week, we’ve analyzed the Bitcoin, Ethereum, XRP, EOS, and Qtum markets – click here for the full price analysis.
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