Bitcoin prices have been climbing up the charts for the past few days. As we reported earlier this week, how the momentous bull run of Ethereum has influenced the other markets, especially that of Bitcoin.
However, in the last 24 hours Bitcoin prices have dropped by nearly 7% despite shooting up by 5% in under 2 hours just the day before.
In the previous 24 hour period, Bitcoin had gained a market capitalization of nearly 70 billion dollars. Sadly, the current market capitalization has dropped by nearly 2.3 billion dollars, bringing the total to 67.7 billion dollars as the market falters.
The brusque rise of Etherem has also taken a major hit as it suffered a 10.5% loss, while the overall dip in the cryptocurrency markets is visible for almost all major digital assets.
Assets like, EOS, BCH and LTC have recorded a double-digit drop in their daily growth percentages. Whereas other top altcoins, including XRP, XLM and DASH have also clocked in a loss of 8.04%, 9.09% and 7.89% respectively, all within the last 24 hours.
Experts argue the main reason behind Bitcoin’s eratic price swings is a direct influence from the fluctuating Ethereum supply which recently dropped from nearly 30,000 ETH per day, down to only 13,000 ETH per day.
Upon charting the Bitcoin prices, we observe that the prices are testing the higher limits of fractal support resistance while trading above a 50 point Exponential Moving Average (EMA).
Bitcoin Prices Graph Report Tradeview.com
Experts are hopeful about an impending bull run in the overall cryptocurrency market. Each time Bitcoin traded above 50 EMA, prices have almost always rallied to the top of the current downtrend channel. In remains to be seen whether these hopes will be misplaced.
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Image Credits: TradingView