Bitcoin price continues to trade below the $40,000 price point, pulling many other cryptocurrencies back and leaving the red market. At the time of writing, BTC is changing hands at $39,717.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price today failed to hold the $40,000 mark
In the last 24 hours, Bitcoin price recorded a low of $39,311 and a high of $39,971. According to CoinMarketCap, the amount of Bitcoin traded during the above period is quite low, only $15.8 billion. Market capitalization was recorded at $754 billion.
Bitcoin went back, causing the market to sink into the red; many smaller-cap altcoins plummeted in price. However, green color also appeared in some coins such as Polkadot (DOT), Solana (SOL),…
The deep decline of most large-cap altcoins caused the total market capitalization to decrease by 0.29% to $ 1.840 billion.
Bitcoin has been erratic lately. Last week, when the price of this cryptocurrency fell below $ 40,000, a strong buying force pushed the price of this virtual currency to exceed $ 41,000. But then, the price of Bitcoin turned down again.
According to analysts, Bitcoin and many other digital currencies plummeted because many countries tightened monetary policy and raised interest rates. Since the beginning of the year, Bitcoin had mainly traded in the region of 35,000 – 45,000 USD when the US Federal Reserve (Fed) started to raise interest rates to deal with record inflation.
According to an analysis from data firm Glassnode, investor interest in Bitcoin is faltering. The number of users and capital flows into the market are almost non-existent.
But many forecasts for the price of $ 100,000 and higher are still being made. In it, Nexo CEO Antoni Trenchev believes that Bitcoin can reach $100,000 in the next year.
Similarly, expert Mark Stephany, founder of Theprogressivebitcoiner, said that the rapidly growing Bitcoin community with a diversity of enthusiasts around the world is an optimistic signal, and the world’s most valuable virtual currency will soon regain momentum.
Read more:
- Bitcoin Price Slips Below $40,000, Buy Or Sell?
- Bitcoin Price Dipped Below $40,000, The Midpoint Of A Three-Month Long Trading Range