A bearish Bitcoin’s bullish market share: First-gen cryptocurrency sees 48% surge
Bitcoin rejoices as data reveals its market share to be up by 47% since December. BTC market share which was at 65% in December fell to 30% in January resulting in a 35% loss in its market share. Bitcoin prices were falling since the beginning of the year. It was trading at $17000 in January gradually decreased and touched $5862.68 in late June, recording its lowest point in 2018.
Most cryptocurrencies are facing fall in prices after a mini bull run hit the crypto market in April. Compared to other cryptocurrencies Bitcoin appears to be falling more gradually resulting in the recent gain in market share. Another factor that has had a positive effect on market share is the ETF proposal. The BTC prices showed a steep increase soon after the proposal and reached around $8000 however, the SEC rejection brought the prices down again.
Bitcoin is currently trading at $6984.5 and is dipping against USD by 5.87%. The 100 EMA line exhibits a stable downtrend and the MACD is traced in the bearish zone. The support level recorded at $7344.2 has been breached and the prices can be seen reaching the key support level of $6500. If the prices touch $6500 Bart Smith, Wallstreet’s crypto king suggests that the prices might tumble further. The prices have touched $6000 after a long time. The ETF proposal’s leverage seems to be wearing off as Bitcoin is back to trading around $6000.
It is doubtful whether the current market share increase will continue for long as the prices are dipping and has gone below $7000. The hopeful investors can be seen selling their shares as the cryptocurrency is fighting a bear storm.
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