Bitcoin surged to hit over $7,500. It is now trading at up to $7,546 at several cryptocurrency exchanges such as Upbit, Binance, KuCoin, Bithumb, and others. On the other hand, stock markets have been on the decline as institutional selling and coronavirus treatment development failed to prove.
In March 2020 Bitcoin price volatility surged to a record high, due to massive sell-offs and panic on the market. However, recent researches of the cryptocurrency show that long term Bitcoin holders, aka Hodlers, are not in a hurry to sell their tokens.
Multiple Bitcoin price falls on March 12 to $6,040 USD and another fall on March 13 to new lows of $4,563 totaled a 40% price decline in just 24 hours. Both falls were caused by massive and continuous Bitcoin sales.
Bitcoin recently experienced a bearish run fueled by many macro level disruptive events most notable of which is the COVID-19. The cryptocurrency will undergo another halving in May 2020 which will cut miner’s reward by half from 12.5 BTC per block to just 6.25 BTC for every block a miner finds.
The entire cryptocurrency market started February 18, 2020 with a good trading impression. The uptrend of some stocks, which have been strong at the start of the market, is gradually slowing down. All of the top 10 have risen, and 83 of the top 100 have a green light, indicating a rise. The entire market cap is increasing and it is now standing at around $285.2 billion.
Since January 14, Bitcoin has been making an impressive move until January 19. The bulls took the price to a high of $9,200 but were immediately repelled. Before this time the bulls were struggling to break the resistance at $8,800 which was eventually broken. In the last 24 hours, Bitcoin has fallen to a low of $8,600. The price is ranging above $8,600 pending the direction of the next price movement.
Yesterday, the entire market capitalization of the cryptocurrency industry increased by around 9.5% to approximately $238.112 billion. That was achieved with $165.287 billion daily traded volume, 203% volume increase which hypothetically indicated the outset of the 2020 alt season, and possibly the next bull run. Even though Bitcoin (BTC) price soared with the rest of the industry, it didn’t change as positively as the rest of the major altcoins, so, it managed to decline by more than two points of dominance, and reduced up to almost 66.4 percent.