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Bitcoin, the flagship cryptocurrency, recently saw its price fall to less than $ 3,900, with crypto-currency bears seeming to have taken the upper hand of what was to date the biggest bullish rally that the crypto ecosystem has known for a long time.
According to CryptoCompare data, BTC is now trading at $ 3,860 after a huge red candle saw its price drop to a low of nearly $ 3,800, before apparently starting to recover. Despite massive selling, BTC has again grown 6.2% in the last two weeks.
Cryptocurrency reached its all time high at nearly $ 20,000 in December 2017, reaching a low of $ 3,200 in December of last year. Since then, its price has recovered and managed to break the $ 4,000 mark this weekend.
The bullish rally would be linked to a growing adoption and ongoing development of its Layer 2 scaling solution, the Lightning Network (LN). As CryptoGlobe recently covered, Bitcoin's LN torch recently reached Fidelity Digital Assets, which is expected to launch its cryptographic preservation service next month.
Currently, there are various fun and interesting use cases for the Layer Two Scale Solution. Although we do not know what is behind the recent sale, analysts rely on technical indicators to justify it.
10 / Prices may fall again. After all, the demand for Bitcoin is almost entirely speculative and the natural sellers (miners, exchange purses) will always sell.
However, it is clear that there is a strong buying interest below. Long-term speculators check: https://t.co/ph5GH7sNP6
– Alex Krüger (@krugermacro) February 20, 2019
Mati Greenspan, Senior Market Analyst at eToro, said "what needs to happen must come down" and that the sale is a reminder that the cryptocurrency space is extremely volatile and risky.
What goes up must come down and what the pumps must eventually empty.
This latest sale is a sobering reminder that cryptography is extremely volatile and highly risky.
Let's see if we can retain here $ 3,800, it would be a good place to get support.
– Mati Greenspan (@MatiGreenspan) February 24, 2019
The sale, which saw more than $ 10 billion leaving the crypto ecosystem, also saw most altcoins turn red. At press time, Ether, EOS, LTC, XRP and BCG levels all decreased from 2.5% to 6%, while those of TRX, ETC and ZEC decreased decreased from less than 1% to 1.7%.
NEO, however, seems to counter the downward trend alongside the ontology, with these chips representing 6.6% and 7.4% respectively. Ontology, as covered, has its development platform published on Google's cloud market.
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