Market Analysis

Bitcoin price update: BTC scales 13% up within an hour

Bitcoin has experienced rapid and unpredictable price fluctuations over the past few weeks. The coin had settled over the $11,000 mark at the beginning of this week but dropped to lows of $9,500 on Tuesday according to data shown by Coinmarketcap. Some analysts related the price fall to the decreased hype around Facebook’s project, Libra, and the fact that the project has been under scrutiny by the senate.

Bitcoin displayed a 13% increase within 60 minutes earlier today. The first scale was from $9,282.64 to $10,472.86. It then extended the scaling to hit the highest value so far today of $10,671.10.

According to Jeff Dorman, it has become a norm to witness 15% moves within a day, and this is being caused by leverage. He went on to add that the only way the volatility would settle down is if a deleverage is experienced.

   “Little, if any, new money came in or out over the past 4 weeks, but new money was created via leverage. Until this leverage gets sucked out of the system (and it will, it always does), the market may remain very volatile,” said Dorman.

Most market experts had predicted that Bitcoin would sink further to lows of $9000, but it has proven otherwise by surging past the $10,000 mark. At the time of writing this, Bitcoin’s value was $10,549. If the coin manages to maintain the current momentum, it might go past the $11,000 mark once again before dropping. However, it has to maintain its value above $10,500 so that it can surge past $11,000. 

Ethereum has managed to maintain its price above the $200 mark for the past 24 hours. At the time of writing this, Ethereum trades at $224.98, which is a 4.35% increase over the past 24 hours. There has been little activity happening around this coin for a while now compared to Bitcoin. However, Bitcoin’s rollercoaster rides in price have affected Ethereum’s performance.

The third-largest coin in terms of market capitalization, Ripple has also moved higher, over the past 24 hours. Ripple currently trades at $0.322, which is 1.69% price increase over the past 24 hours. Its total market cap is at $13,833,282,547with a 24-hour trading volume of $2,353,850,464.

Litecoin, which is at the fourth position, is trading at $101.72, an 10.83% change over the past 24 hours. The coin has a total market $6,379,687,115 with a 24-hour trading volume of $5,153,571,312. It is important to remember that Litecoin’s halving is only seventeen days away. And with that in mind, we hope that the coin will show better performance as it did in the last halving.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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