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Bitcoin and the wider cryptocurrency market are in decline, up 38% over the last month as investors squeeze into Bitcoin and some of its most popular alternatives including ethereum, Ripple's XRP, litecoin, EOS and cash bitcoin.
The price of bitcoin exploded at the beginning of the month, traders and badysts are unsure of exactly what caused the sudden recovery and have caused many people to doubt whether bitcoin, & nbsp;Ethereum, Ripple's XRP, his litecoin, his EOS and his bitcoin money would be able to keep their recent gains. & nbsp;
Earlier this week, the total market capitalization of bitcoin and cryptocurrency, the combined value of some 2 000 cryptocurrencies, reached a new record since the beginning of the year, reaching $ 186 billion, bitcoin accounting for $ 90 billion, although the more general rally was labeled "altcoin season" Due to some of the double-digit gains, many smaller crypto-currencies were realized.
The rising price of bitcoins has helped the wider cryptocurrency market reach a peak since the beginning of the year this week.
CoinMarketCap
Continued recovery of bitcoin prices and altcoin this week when launching a Coinbase cryptocurrency card spending card in the UK. and bullish comments from many observers and badysts in the bitcoin and cryptocurrency sector, boosting confidence that allowed most major cryptocurrency currencies to maintain their new, higher prices.
"After the fake escape earlier this week, cryptos took a step forward," Mati Greenspan, Senior Market Analyst at eToro Brokerage, wrote in a note to customers. "The fact that we have not progressed says a lot about the current appetite, but that does not necessarily mean that it will go down, as many bears have indicated."
Before Bitcoin and the vast market of cryptocurrency, a new record since the beginning of the year, & nbsp;technical data seemed to show that bitcoin was at its peak since December 2017when it reached its highest historical level, with similar commercial structures preceding strong sales.
"In fact, in my opinion, the most likely scenario is that we are now creating a new range or even hopefully a sustainable stabilization … The market is clearly still excited." Greenspan added.
The price of bitcoin soared to about $ 5,400 per bitcoin earlier this week before falling somewhat.
Coindesk
The increase in total market capitalization in bitcoins and cryptocurrency occurred shortly after BKCM cryptography commentator Brian Kelly told CNBC's Fast Money that institutional adoption combined with to growth of encryption networks, "no question" Push Bitcoin beyond its peak of 20,000 USD, set in late 2017, over the next two years.
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Bitcoin and the wider cryptocurrency market have been in turmoil lately, recording a 38% increase over the last month, as investors invest in Bitcoin and some of its most popular alternatives, including Ethereum, Ripple & # 39; s XRP, Litecoin, EOS and Bitcoin.
The price of bitcoin exploded earlier this month, leaving traders and badysts uncertain about the exact cause of the surge and questioning many users of bitcoin, ethereum, Ripple's XRP, its litecoin, its EOS and its bitcoin money would be able to keep their recent gains.
Earlier this week, the total market capitalization of bitcoin and cryptocurrency, the combined value of some 2 000 cryptocurrencies, reached a new record since the beginning of the year, reaching $ 186 billion, bitcoin accounting for $ 90 billion, although the more general rally was labeled "altcoin season" because of some of the double-digit gains recorded by many smaller crypto-currencies.
The rising price of bitcoins has helped the wider cryptocurrency market reach a peak since the beginning of the year this week.
CoinMarketCap
The ongoing bitcoin and cross price rally this week comes as part of the launch of a Coinbase cryptocurrency card spending card in the UK and optimistic comments from many Bitcoin observers and badysts and cryptocurrency, which allowed the main cryptocurrencies to keep their news, higher prices.
"After the false escape that took place earlier this week, the cryptos have taken a step forward," said Mati Greenspan, Senior Market Analyst at eToro in a note to customers. "The fact that we could not climb higher says a lot about the current appetite, but that does not necessarily mean that it will go down, as many bears have indicated. . "
Before bitcoin and the wider cryptocurrency market reaching a new high since the beginning of the year, technical data seemed to show that bitcoin was at its most overbought since December 2017, when it reached its peak. its highest level. offs.
"In fact, in my opinion, the most likely scenario is that we are now creating a new range, or even hopefully a sustainable stabilization … The market is clearly still so excited," added Greenspan.
The price of bitcoin soared to about $ 5,400 per bitcoin earlier this week before falling somewhat.
Coindesk
The total rise in market capitalization of bitcoin and cryptocurrency was noted shortly after BKCM commentator Brian Kelly of the cryptocryptography industry told CNBC's Fast Money that the company was not going to be able to do so. Institutional adoption, coupled with the growth of cryptographic networks, will undoubtedly push Bitcoin to more than $ 20,000, set in late 2017, over the next two years.
