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 block reward halving.
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 USD8650 at the time of writing, holding an USD157bn market capitalization.
Over the past 24 hours $BTC records a 3,31% gain while its high market dominance fell to 65.8% as the top currencies develop a resistance to its downward movement.
The best performing coin in the top ten was Bitcoin Cash, managing to record a 14,37% gain and leave the rest of the top currencies far behind. On the other side of the spectrum, we find Stellar, struggling to keep its position in the top ten currencies by market capitalization while recording a 2,31% gain.
In the traditional markets, major stock have started the week in the red - the Dow Jones Industrial Average is down by 0,58% on January 27th while the FTSE 100 Index gained 1,04%. The S&P 500 index is down by 0,9% while the SSE Composite Index is recording a 2,75% loss.
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