Bitcoin File (BIFI) Achieves Market Capitalization of $0.00

Galtero Lara
Agosto 10, 2018

However, it could just be a case of what goes up, must come down; indeed, the entire cryptocurrency market has been on a general downtrend for most of 2018 after Bitcoin reached a high of almost $20,000 in January.

"Hashrate is one of the key indicators of the Bitcoin's network strength and I'm extremely surprised to see that with the steady increase in hashrate we have seen the Bitcoin price drop back down to $7,000".

While many expected Bitcoin to recede into obscurity as 2018 moved forward, Lee added that Bitcoin's recent resurgence suggests that Bitcoin still holds the coveted position as the most reliable cryptocurrency investment.

The analyst, who has become well-known for his cryptocurrency-related insight, brought attention to the Bitcoin's historical command over the industry, with the asset holding an 80% (or more) market share value for the better part of ten years. All top ten altcoins are now in the red with MIOTA, EOS, and XRP leading the way in 24-hour price percentage declines.

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Looking at the 4-hours chart, the price settled below the $6,815 support area and the 21 simple moving average (4-hours). It opened the doors for more losses and the price nearly tested the $6,100 support area. Over the last seven days, First Bitcoin has traded down 19.9% against the dollar. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%.

According to Newton, while investors continue to be frustrated by the developments on the BTC ETF front, the SEC is unlikely to approve any filing unless the necessary custodial tools are in place. The price fell from $7,142.03 to the low of $6,456.10. If the price breaks down, it could resume its downside move below the $570 level.

XRP (XRP) traded down 3.2% against the dollar and now trades at $0.41 or 0.00005823 BTC. Now there is a slight fear that XRP may take a while to push through to $0.360, yet there is little worry of XRP slipping down to lower prices.

An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $712 high to $565 low. That's probably the catalyst, but we've seen BTC prices slide for months now and this is just another reason to see it go down. If they do cross hairs, this means the path towards the least resistance would be the upside but for now, it remains on the downside.

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