Bitcoin has not yet surpassed the $ 8,500 threshold, but positive sentiment may soon return as well-known analysts and traders all predict growth will soon return to the most valuable and most popular cryptocurrency.
Update market movements, at 5:00 this morning, Bitcoin price on Bitstamp is $ 8,386, down 0.91%, equivalent to each coin losing 71 USD.
According to data from CoinMarketCap, in the last 24 hours, the volume of Bitcoin traded was only 19 billion USD, the market capitalization recorded 152.6 billion USD.
Bitcoin’s decline led to a series of leading virtual currencies plunging. Etherum - the second most valuable virtual currency in terms of market capitalization decreased by 0.5% to 162.5 USD, capitalization was pushed down to 17.7 billion USD, trading volume in the past 24 hours was 8.3 billion USD.
Ripple dropped 1% to $ 0.221, the market capitalization recorded at $ 9.6 billion.
Two virtual currencies "Bitcoin" Bitcoin, Bitcoin Cash and Bitcoin SV, plummeted nearly 2% to $ 314.4 and $ 262.9 respectively, bringing the market capitalization to $ 5.7 billion and $ 4.7 billion.
The deepest decline among the top 10 cryptocurrencies is EOS with 2.2%, recording the current price of 3.57 USD, capitalization of US $ 3.4 billion, the latest 24-hour trading volume is 2 , 1 billion USD.
Stellar is the only cryptocurrency in the top 10 to hold the green with a slight increase of 0.2% to $ 0.057, a market capitalization of $ 1.15.
The series of large-scale virtual currencies slipped causing total market capitalization to drop to 231 billion USD, trading volume was only about 75 billion USD in the last 24 hours.
Despite the downtrend, many professional traders still support Bitcoin. Mati Greenspan, a former senior market analyst at eToro, thinks that Bitcoin will recover quickly. Mati noted that the current price is only temporary, even a positive sign for Bitcoin.
Professional Bitcoin analyst and trader Filb Filb also believes that the market’s most valuable cryptocurrency will soon hit $ 10,000. The time for Bitcoin to reach this price level may fall in late January or in February 2020.
"Bitcoin will continue to correct and stop at around $ 8,000 before continuing its uptrend," famous trader Josh Rager said that the correction of Bitcoin price is of course to happen after the virtual currency. This had a strong start in 2020.
Analyst Nicholas Merten said that Bitcoin and the cryptocurrency market have just begun to grow. Merten believes that Bitcoin will reach $ 100,000 in the next cycle and will be increasingly recognized in the mainstream market.
Domestically, despite the Lunar New Year holidays, the price of Bitcoin is still down 1.4%, to 192 million VND / Bitcoin at the world market price, according to Remitano.
The price of Ethereum also fell 0.9% to VND 3.7 million, while Bitcoin Cash decreased by 2.4% to VND 7.2 million, Litecoin decreased by 2.6% to VND 1.23 million.
