Bitcoin Price Falls Under $10,000. Who Can Cause a Surge of BTC Price Now?

The original cryptocurrency Bitcoin is still hustling to become the world’s most used digital asset in payment services, however, its price has plummeted sharply by more than 10% over the past 7 days and global stocks are also falling.

BTC/USD Price Analysis: Downtrend

At press time, the Bitcoin price is in the red trading at about $9,914.16 (-5.99% 24h), with a market cap (MC) of $177.24 billion, and daily trading volume of about $21.98 billion, according to data from coinmarketcap. For the past one week, the price of BTC has plunged by about 16.5%, and it seems it might even fall further to reach below $9k if it continues with this trend.  

Bitcoin Price Still has Reasons to Recover  

A lot of people across the world use Bitcoin (BTC) during the times of crisis, like the ones that recently happened in Argentina and Hong Kong. During the recent bloody anti-government protests in Hong Kong that left the businesses on various international airports paralyzed, made Bitcoin to trade positively.  

According to Bloomberg report, BTC was trading at about 4.5% premium on major peer-to-peer cryptocurrency exchanges such as Localbitcoins in Hong Kong. After 5 days of massive protest, the Hong Kong airport has restarted its usual operations and looks like the demand for cryptocurrency has slightly increased in the country. 

Furthermore, during the recent chaos in Argentina, peso increased on election uncertainty, BTC managed to trade around $12k. Amidst all this unrest, different Bitcoin activists including cryptocurrency investor Anthony Pompliano, have been powerful to promote Bitcoin.  

Cryptocurrency Market Trends

    

The entire market capitalization of over 2448 cryptocurrencies being traded in more than 19912 markets across the globe, is sitting at almost $259.288 bln, and the entire 24-hour volume is at $71.479 bln. On a good note, Bitcoin is still dominating the market by 68.4%.  

Other potential rivals of Bitcoin including Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), are all trading in red. As a matter of fact, among the world’s top 50 cryptocurrencies by MC, its only Tether (USDT) and ICON (ICX) that are trading in green. The price of USDT and ICX are $0.998742 (+0.48%) and $0.23378 (+18.29%) respectively.