Sunday, April 5, 2020

Bitcoin Hanging On $4,000 By The Fingertips

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Bitcoin is hanging on to a $4,000 plus price tag by the fingertips and may dip below again within a few days.

Current trading puts Bitcoin at $4,036.50 with the cryptocurrency rallying from a start of $4025.19 to a high of $4,072 at lunch time before falling back.

In the markets, traders were hoping an increase in Bitcoin value would spark a general crypto resurgence, but Ethereum, XRP Ripple, Tron and other majors have struggled to keep up with Bitcoin.

However, looking at the past few days trading in isolation does not reflect the bigger picture.

Slippery slope

Bitcoin and other cryptocurrencies are still on a downward slippery slope that has now lasted 18 months with no cryptocurrency showing a price anywhere near the market highs posted in December 2017.

Indeed, Christmas 2017 may turn out to be the golden time for cryptocurrencies if current performance continues.

Then, buoyant Bitcoin was worth $20,000, while in the past 12 months, while the peak price has hit barely half of that value at $9,968.85 on May 5, 2018.

The 12-month low was poignantly exactly 12 months after hitting the record high. On December 18, 2018, Bitcoin slumped to $3,169.53.

How Bitcoin performed 2018-19

Source: Cryptocompare.com

But cryptocurrency is not all about Bitcoin.

The second largest coin by market capitalisation is XRP Ripple – at $31.4 billion compared to Bitcoin’s $70.86 billion.

Together they are valued at almost 50% of the entire market cap of every cryptocurrency.

Over the past 12 months, XRP has slipped down a steeper trajectory than Bitcoin, from a high of $0.96 in April 2018 to a current price of $0.31, plunging to a low of $0.24 in August 2018.

How XRP Ripple performed 2018-19

Source: Cryptocompare.com

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