Bitcoin (BTC) Undergoes Problems While Defending The $9,000 Level
The recent weeks show the volatility of Bitcoin (BTC) being relatively low. However, on Thursday. The asset slid for a while below $9,002.70. Volumes are still low, mostly because of the outflow of Japanese investors. But the 9,000 level proved hard to defend, and within hours, BTC slid again to $8,765.28.
The dropped occurred across the market, after a relatively successful week, displaying rapid shakedowns in prices isn’t out of the question.
BTC volumes currently remain below the usual $7 billion in 24 hours. Trading against the Japanese Yen takes up to 43% of the market, and the share of the USD is 25%. However, about 20 of BTC trades are against the Tether (USDT) asset, again showing the symbolic influence of the liquidity injection.
However, the price movement is seen only as a temporal glitch by many. The predictions for Bitcoin remains very bearish and one of the sources is the mining industry. Now, the Bitcoin network hash rate has balanced around its latest achieved peak of 30,000,000 TH/s, and the building of new mining facilities progresses.
Many believe that the determination of mine will keep Bitcoin alive, and even boost its price to reach mining breakeven levels.
The evaluation of mining gives an optimistic and realistic price prediction, seeing BTC prices move between $20,000 and $60,000.
Meanwhile, altcoins have proven that they are well equipped to chart independent paths. The price dominance of Bitcoin shrank again to 36.6%, while altcoins grew in terms of market funding.
Some altcoins like Decred (DCR), Ethereum (ETH) and others have greeted the potential for ASIC mining. Based on the principle that “miners follow the money”, similar mining economies may form around the most outstanding proof-of-work coins.