The flagship cryptocurrency Bitcoin is up 0.39% (24h), and is changing hands at $3849.49 at press time. Ethereum (ETH) and Ripple (XRP) are also still pulling ropes in the market. Bitcoin (BTC) yesterday experienced low volatility, having plunged to as low as $3807.00 and surged high hit $3913.71.
Cryptocurrency has been trading higher for almost a week, prompting them to overcome and endure a latent inrush. The positive technical picture indicates that major support is near for all top three digital currencies hence triggering them to soar high.
The short-term rebound on February 19, saw Bitcoin surge to the $4,000 price level, leaving several cryptocurrency investors hooked and some analysts keeping their attitude inert. Bitcoin could “melt our faces off” in the long run with an amazing rebound.
According to research on the ground, the production-weighted cash cost to create 1 Bitcoin (BTC) averaged approx. $4,060 worldwide in the fourth quarter (Q4) of 2018, analysts from JPMorgan Chase Co. reveal. This cost is much higher than the current Bitcoin price as Bloomberg reports.
The one-day (24h) period of trading has not registered a vast activity in the digital currency economy. Since the surge on February 8, which saw Bitcoin (BTC) touch the $3700 resistance level, nothing actually momentous has taken place on the BTC markets. However, ETH has finally managed to race past XRP.
For almost 60 days now, Bitcoin (BTC), the leading crypto by market cap, has astonishingly held its own, failing to break below the $3,000 price level several times. This forced massive crypto traders to think that $3,000 will be the point level at which Bitcoin lays low in the latest market cycle (accumulation, uptrend or markup, distribution and downtrend or markdown phases).
For the first time in 2019, Bitcoin’s (BTC) price has broken the $3,500 support level downwards laying a platform for talks and analysis of a new 12-month (annual) low in the coming days. Bitcoin has been struggling just above $3,500 for some good period of time since it corrected from a rapid increase over the $4,000 recently.
The crypto industry has experienced another significant wipeout of around $5 billion that has affected Bitcoin (BTC), the flagship digital currency, gravely, placing it under the $3,500 level. At press time, the market cap is at $119 billion, falling $5 billion from Sunday’s (Jan 20) total of around $124 billion.