Bitcoin gained support once again, recovering to $ 10,000 as trading volumes rose from $ 12 billion to $ 18 billion. BTC traded up $ 10,384.55, up 6% on the previous day, with the climb starting late Monday.
The latest price level still occurs when the overwhelming sentiment for Bitcoin is “fear,” though it goes up from extreme fear about a week ago. Despite pricing close to the $ 10,000 mark, the sentiment is similar to the bottom of the bear market late last year.
After the recent price appreciation, the prevailing market capitalization in the Bitcoin rose to 70.1%, the highest level since spring 2017. The share of all alcoins, however, slipped to about 13%, returning to levels from before the big rally at the end of 2017. In 2019. Bitcoin was placed as one of the most successful assets, surpassing most of the other projects that made great promises.
The other reason for the Bitcoin price predominance is the general frustration with the hot new projects, which were slow to deliver the promised results, and the coins and tokens quickly lost their liquidity and trading positions.
The current rally occurs as more than 72% of Bitcoin volumes are in pairs with Tether. The currency continues its activity, despite decreasing its circulating supply, from 4.043 billion to 4.006 billion. Altcoins with more significant USDT inflows are also larger than the rest.
However, skeptics see the recent recovery as a joint intervention to keep Bitcoin within a fairly high range. The rally in September followed a net loss in August, when the Bitcoin posted a closing price of $ 9,500, down from the closing price of $ 10,300 earlier in the month. Bitcoin is still up more than 300% since last December’s decline, and there is renewed hope for a new annual rally and raise.
High mimes also mean mining is highly profitable, leading to an increase in hashrat at a record above 86EH / s./Cryptovest.com