Bitcoin exchange rate loses 4% together with interest from investors
At the end of last week optimism of captainvalor almost exhausted. Despite the fact that drawdown of the total market capitalization of up to $190-200 billion, in theory, should attract buying interest, the break above still does not work. We can say that the digital currency “groped” a certain balance.
Meanwhile, the doubling of the token XRP during the week, essentially “shook up” the market. It reminded the times when these dynamics are manifested quite often, was with the sign “plus” and attracted to the market huge number of investors. Meanwhile, faith in the future of crypto-project, and the hype around him has been significantly weakened, but because from the beginning of a new week XRP sharpest pullback among the TOP-10.
As of Tuesday morning, XRP loses 20%, but the current price of a token $0.44 still 37.5% higher than the rate before the start of the rally. In the case of the actual launch of a new product based on the token, a new wave of purchases is expected in early October.
The reference Bitcoin (BTC) loses for the last day of less than 4% and is trading around $6,400, remaining in the range of $6,300 – $7,300 since the beginning of August. Leading altcoins in the TOP 10 also significantly reduced: Ethereum (ETH) is losing nearly 11% and is trading at $210, Bitcoin Cash (BCH) is losing about 7% and is trading at $440, and EOS, Stellar (XLM) and Cardano (ADA) lose about 12%.
Encourage market data blockchain.com the growth of the daily volume of confirmed transactions in the Bitcoin network: c spring 200k to 270k at the end of last week. However, it is significantly below the maximum 400k, recorded in December last year.
Reverse the current stagnation in the market is to stabilize the rates of cryptocurrencies. This should have a positive impact on their use as a means of payment, although the process will proceed rather slowly. However, it is now clear that the current sideways trend creates the preconditions for the return of demand for crypto-currencies from buyers and sellers of goods and services as the rates become more predictable.
From the technical analysis, at the end of last week the Bitcoin exchange rate turned to decrease from around $6700, continuing a series of reversals from all lower levels ($11500 in March, $9700 in April, $8200 in July and $7400 in the beginning of September).
Once again the weakness is the question: will he find the main cryptocurrency support from investors, in the case of a new collapse to $6000.
In parallel, the vise continues to shrink: the course remains within the converging triangle. The output may be quite unexpected, with the effect of a compressed spring and a powerful movement in one direction or another. We will be watching.