Bitcoin Back to Low Volume Trading After White-Paper Anniversary Spike

2018-11-1 17:58

Yesterday was the ten-year anniversary of the Bitcoin white paper, and the price of Bitcoin made some small moves which ended the low amounts of trading volume we have seen since Monday. There was a spike in the number of online mentions referring to Bitcoin yesterday as can be seen by data on Solume.io.

Yesterday also saw a slight increase in the price where price action moved from a low of near $6200 to an intraday high near $6350. Today, Bitcoin has returned to low volume trading and a decrease in the number of online mentions referring to Bitcoin. Price currently trades around $6300.

Social Media Mentions from Reddit and Twitter referring to Bitcoin, Solume.io

Bitcoin has been trading in both an upward trend line and a downward trend line triangle pattern for many months. This pattern is coming to an end and either the bears or bulls will have to take control to break out of this pattern. The extra scenario is price continues to consolidate on low volume, and the pattern becomes irrelevant.

Bitcoin Daily Chart – Source: Tradingview.com

Altcoins have actually outperformed on this recent increase. For much of the year, altcoins have been losing value in relation to Bitcoin. This has resulted in the percentage Bitcoin represents of the entire cryptocurrency market cap rising from in the 30% range in January to over 54%. With yesterdays increase, Bitcoin dominance is now at 54.0 % of the $205 Billion cryptocurrency market cap.

The Progression of Bitcoin Dominance over the Past Year Key Takeaways: Bitcoin had a spike in social media mentions yesterday along with an increase in trading volume and a small increase in price. Trading volume increased yesterday but has since returned to low levels. Bitcoin is nearing the end of the triangle pattern it has been forming for months. Bulls or bears need to take control, or the pattern becomes irrelevant. Altcoins outperformed on this recent increase. Bitcoin dominance is at 54.0%. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Back to Low Volume Trading After White-Paper Anniversary Spike was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin spike yesterday anniversary low volume trading

Источник: blokt.com

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