The biggest and oldest cryptocurrency, Bitcoin, broke the USD8k price tag recently, as the tensions between Iran and the U.S. escalated and it appeared the countries were at the brink of war. While the tensions remain high, they have somewhat declined, and so has the price of Bitcoin, moving under USD8k price tag once again, reflecting poorly on the top currencies which have just begun to catch up with the latest upwards movement of the number one currency.
Thus Bitcoin continues its downward trend it has been stuck in a ever since it failed to manage to achieve new heights back in August. We've seen Bitcoin struggle and fail at every support since, and in his latest downward movement it managed to fall under USD9000. It would appear that there simply isn't enough momentum for the currency to reach new heights, with the lack of adoption from Bakkt and other products aimed at institutional investors simply not providing enough fuel for greater speculative valuations, even though some commentators remain positive $BTC will manage to outperform its all time high by the end of 2019.
In another sharp downward movement, Bitcoin broke under USD7000 per Bitcoin price tag on November 25th, and continued to fall all the way down to USD6600. It managed to recover above the USD7000 and even broke out above USD8000 in the first days of 2020, going under 8k for a couple of days, but has since returned to trade at USD8330 at the time of writing, holding an USD151bn market capitalization.
Over the past 24 hours $BTC records a 0,79% loss while its high market dominance remains at 66.2% as the top currencies develop a resistance to its downward movement.
The best performing coin in the top ten was $EOS which managed to record a 1,33% gain despite the overall market moving down. The worst performance is charted by Bitcoin SV, $BSV, recording a 5,21% loss, as the recent speculation surrounding Craig Wright isn't able to hold up with the Bitcoin movement.
In the traditional markets, major stock have started the week in the red - the Dow Jones Industrial Average is down by 0,09% on January 24th while the FTSE 100 Index lost 0,85%. The S&P 500 index is up by 0,11% while the SSE Composite Index is recording a 2,75% loss.
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