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After a pleasant weekly close, Bitcoin (BTC) bulls turned up Monday prepared to push the price to the $9K mark and possibly above. Over the weekend numerous crypto analysts suggested that if the price sustained above the $8,650 resistance Bitcoin would rally to $8,800 to set a daily lower high, consolidate, then make another run at the $9,200 mark.
After about four days of trading below $8,600, the Bitcoin price has finally returned to this area. At the time of writing, it is changing hands at $8,643, showing a 2.26-percent rise.
Crypto analysts and traders believe that if BTC manages to hold above $8,500, it will likely keep rising to $8,900. However, some predict that after reaching this level, the flagship currency may decline and hit $6,400.
While indicators are beginning to signal that the crypto winter will soon be over, the cryptocurrency still has a few important levels to contend with and overcome to be out of a downtrend.
Bitcoin must reclaim highs over $10,000 on weekly price charts, and above that will still have to contest with resistance at $14,000 – back where the leading cryptocurrency by market cap was rejected in late June, starting a second, shorter downtrend that has only now just concluded.
In general, industries across the board are marking losses as traditional markets are currently painted in red. This probably doesn’t come as a surprise, as China is one of the world’s largest economies, which, if distressed, will surely resonate in other countries as well.
On the other hand, the cryptocurrency market sees the exact opposite reaction. Bitcoin charts an increase of more than 3.5% at the time of this writing, trading at about $8,765.
There have been some interesting crypto price movements in 2019. Let’s explore what cryptos had the most impressive shifts in price, and consider them for future investments.
Even if 2019 had a slow start, most cryptocurrencies saw a big increase in value in the first six months. But then in Q3 of 2019, the hostile price movement impacted most large market cap cryptos, and this momentum carried into Q4.
With the crypto market ending on a low note last week, the strong green bars on Monday morning have rejuvenated the dimming hopes on most crypto investors. Almost all crypto assets led by Bitcoin, have shown early signs of recovering from last week’s consolidation and downtrend. BTC opened the market with a $159.2 Billion market cap, which is 3.27% rise overall compared to Friday’s market data.
The researchers say the trend is growing.
“Ever more central banks are currently (or will soon be) engaged in CBDC work. Some 80% of central banks (up from 70%) are engaging in some sort of work, with half looking at both wholesale and general purpose CBDCs.”
You can check out the full 19-page report here.
Using data compiled from Google trends, analytics firm Arcane Research published a new report showing that interest and searches for “bitcoin halving” have skyrocketed since the end of last year. Searches for the block reward decrease have already doubled since December and are approaching their highest level since the last halving event in 2016.
Paolo Ardoino – chief technical officer at Tether – explained in a statement:
There is a growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem… Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways such as high storage fees.
Soon, it might be possible to trade in Ripple shares the way investors currently trade in Apple, Samsung and many others. As the cryptocurrency ecosystem continues down its path toward full maturity, more entities operating in the space could begin to consider launching an initial public offering (IPO), and Ripple could be one of the first. According to Ripple CEO Brad Garlinghouse, he expects the company behind the XRP digital currency to introduce an IPO “within 12 months.”
Deutsche Bank said in 2017 the opportunities presented to businesses by blockchain technology were “huge,” predicting as much as 10 percent of global GDP could be tracked or regulated using the blockchain by 2027. In September 2019, the bank joined the Interbank Information Network (IIN), a blockchain-based payments initiative that uses JPMorgan’s JPMCoin stablecoin.