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Thread: Cryptocurrency market update: Bitcoin recovers from lows

  1. #1
    Moderator cool user Resolve's Avatar
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    Lightbulb Cryptocurrency market update: Bitcoin recovers from lows

    Cryptocurrency market update: Bitcoin recovers from lows, struggles to develop upside momentum


    • BTC/USD has recovered from the recent lows, but the upside momentum remains weak.
    • TRON is a big winner of the day, growing actively in Asia.
    • EOS is under selling pressure, losing over 9%.


    The cryptocurrency market attempts to recover during Asian hours on Wednesday, but Bitcoin and the majority of top-20 altcoins are still in the red zone on a day-on-day basis, nursing losses from 1% to 9%. The total capitalization of all digital assets in circulation slipped to at $251 billion from $256 billion registered about this time on Tuesday. An average daily trading volume increased to $82 billion.

    Top-3 coins price overview

    • At the time of writing, BTC/USD is hovering marginally above $7,800, rising from the intraday low of $7,670. The most important digital asset has gained 2% since the beginning of Wednesday and lost 1.6% on a day-on-day basis.
    • Ethereum, the second largest digital asset with the current market capitalization of $26 billion, managed to settle above $240. The coin is changing hands at $242, down 1.3% in recent 24 hours.
    • Ripple's XRP has lost about 2.4% in recent 24 hours to trade at $0.40 at the time of writing, off the intraday low of $0.3975.


    The biggest market-movers

    • Tezos is the biggest loser of the day. The coin has lost over 9% in recent 24 hours to trade at $1.23 at the time of writing.
    • TRON (TRX) is the growth leader, with over 5% of gains. The 11th largest cryptocurrency is changing hands at $0.0350 while the upside momentum is growing.


    Source: https://www.fxstreet.com

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    Any currency has a value that is build by the ecosystem and people using it. Fiat currencies have a more constant value since the general public has less say in its supply and demand whereas the crypto-currencies were introduced to remove the authoritative figures from the currency and give the control back to general public. All the value that Bitcoin and other currencies hold is the trust that they have a certain value.

    Let us take an example for the same. If I have a bitcoin and I trust that it has a value of 5000 USD and I am trying to sell the same, I will need a second party that has trust for the same value. Now there are many things that affect the price of a crypto-currency. News manipulations of trust, rumours, fake trends, scam crowdfunding (Fraud ICO’s), massive selling and buying are few practices that poke the volatility of the currencies at highest level. Currently very less percentage of the people are in hold of the cryptocurrencies and few people have huge quantities. Once released in a large quantity in the market it affects the supply demand curve and rise in supply decreases the price. When bought in huge quantity and keeping it stocked away from trading and rotation, helps in decreasing the supply and increased demands at that time may dramatically increase the price. So hold on to that trust and don’t be swayed by the news and lose the trust in the currencies since they are dependant on you. Each individual has a say in it’s price and value. And each individual manipulated gives a chance to the manipulator to make money out of your hard earned money. Always be informed by good news websites and keep researching more and more into the blockchain and currencies and you will indirectly make them stronger at their holds and it will regain its heights faster than you thought. But it is definite that they will grow, given the time and support and by the looks of how many people are putting their trust daily in this ecosystem the days are not far. Try following CoinDesk, CoinTelegraph, BTC Wires for updated news.

    With all the regulations being forced the market movers and illegal behaviours will be kept in check and the price will regain its height for not losing again. Any development has bumps in the nascent stage till the understanding of that is spread. So keep calm and HODL

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