Going below $9,000, Bitcoin (BTC) has shown another dip today and its price dropped to $200 in an hour
According to data from Coin360, Bitcoin, the highest 20 cryptocurrencies by market Capitalization are seeing major losses of nearly 10% over the past twenty-four (24) hours.
Following a recent value decline, Bitcoin is mercantilism down 4.9% at $8,736.With its intraday high of $9,253, Bitcoin tumbled over $500 earlier today and is down around 4% over the past seven(7) days, with intra week high above $9,500.
Amongst other highest twenty (20) cryptocurrencies by market cap, Unus Sed Leo (LEO) is that solely coin seeing gains at press time. At the time of this writing, the altcoin is up 1% to trade at $0.99.
On the opposite hand, Algorand (ALGO), the twentieth biggest cryptocurrency by market cap is down over 10% over the past 24 hours, trading at $0.24.
The total crypto capitalization presently accounts for $237 billion in line with Coin360.
As Cointelegraph reported on 5th November 2019, some analysts say new sharp movements in Bitcoin’s value are filling in future gaps. These gaps short crash the market by many bucks before getting back minutes later and they’re determined in a situation once one session ends higher or below wherever the ensuing one begins
Filling in future gaps has reportedly become normal for Bitcoin, with analysts making use of them to predict potential declines within the market.
Novogratz Mike,a crypto bull suggested on 6th November 2019, that the recent surge in Bitcoin’s price was triggered by China’s President Xi Jinping calling on the country to accelerate blockchain adoption in late October. Once China confirmed its not reaching to mine Bitcoin in the country any longer, the market’s new downward movements contradict Mike Novogratz’s statement.