Bitcoin’s price fluctuated around $ 9.200 – $ 9.300, while Bitcoin halving was only 98 days
Bitcoin price will likely benefit from the rapid decline in the Asian stock market due to the threat of Coronavirus. Besides, the Bitcoin halving event is also coming very fast, less than 98 days. And most market commentators are optimistic about its impact.
Bitcoin price strengthened the increase from $ 9,200 to $ 9,600
Bitcoin price broke the $ 9,600 barrier for the first time since November 2019. However, the Bitcoin price during the weekend session was also dominated by a significant consolidation between $ 9,200 and $ 9,600. Bitcoin currently has a market capitalization of $ 169 billion, presently attempting to soar to resistance at $ 9,700 amid selling pressure. At press time, the price of Bitcoin is fluctuating around $ 9,281, down slightly by 2% in the last 24 hours.
Earlier, the Bitcoin price had an excellent January price for the past seven years. Bitcoin has increased by 10% last week and almost 30% since December 2019. This trend coincided with a similar rally that took place in January 2013. On that occasion, the Bitcoin price increased by 54.5%. 2013 was the best year for Bitcoin. If current price action continues, new highs may be possible.
Halving is getting closer to the cryptocurrency market
Many people consider Bitcoin halving to be an essential factor affecting Bitcoin’s price action. As the demand for Bitcoin increases, the price will increase along with halving. On the other hand, others think this event will keep Bitcoin prices constant.
In a February 1 tweet, Weiss Ratings presented a clear summary of Bitcoin’s price performance in its last two reward splits. Weiss firmly believes that these events help the price of Bitcoin. During the first event that occurred in late November 2012, BTC was trading at $ 12. Four years later, the second half appeared, and the BTC price was $ 652.
Here’s how #Bitcoin halvings have impacted the market. So, does the Bitcoin halving help drive prices higher? Absolutely. The only question now is how high will #BTC go this time around? pic.twitter.com/YnSp4Y8igO
— Weiss Crypto Ratings (@WeissCrypto) February 1, 2020
With the token rising more than 30% in January, expectations are higher than ever. Many believe price action would be a lot closer to $ 12,000 compared to $ 12. The only question now is how top BTC will be during this period.
The Altcoin markets turned red, but only temporarily
When the week started, Altcoins showed signs of growth. The majority of top Altcoins have increased by nearly 1%. However, there has been a rise and fall, Ether, at some point, has risen to $ 190. Currently, ETH has a market capitalization of $ 20.7 billion.
Besides, the price of XRP has sometimes surpassed $ 0.25, setting a high for several months. However, at press time, XRP dropped a bit to $ 0.24.
Bitcoin Cash and Bitcoin SV had a tough fight. Currently, both have decreased slightly 1% in the last 24 hours, respectively, recorded $ 381 and $ 279.
Among the top 10 cryptocurrencies on the market, Litecoin has had the most significant drop, nearly 4% in the last 24 hours, recording a price of $ 69.21. Next is EOS, with an almost 3% decline, hovering around $ 4.19. As for Binance Coin, it seems that through a glorious 2019, BNB has backed a bit behind with prices flying around $ 18.32.
The total market capitalization of cryptocurrencies is more than $ 258 billion, with Bitcoin dominance still hovering around 65.3%.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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