Bitcoin Spot Price Lobbied for $ 3,000 as Stumbles Wider Market

Bitcoin Spot Price Lobbied for $ 3,000 as Stumbles Wider Market

The bitcoin spot price broke the $ 3,000 mark in the face of the market downturn.

Bitcoin Spot Price Running at $ 3,000

Like the older brother he inherited in early August, Bitcoin Cash saw its market share fall in early 2018.

After entering January control about seven percent of the market capitalization of cryptocurrency, Bitcoin cash saw its share drop by one-tenth to 6.3 percent other altcoins - most notably Ethereum - hit record highs.

This week, however, Bitcoin the money embarked on a rally of its own in order to jump over the $ 3,000 barrier after the sinking below last week. There was no clear trigger for the race, although the piece probably benefited from a report that the BitClub Network mining pool - a small pool that currently accounts for about 2.5% of bitcoin hashrate - would start broadcasting. payments in the form of BCH while continuing Chain BTC.

Nevertheless, the fourth-largest cryptocurrency has almost reached its target, rising from a low of $ 2,280 to a high of $ 2,988 on Jan. 10 - an intraday rise of 31%.

Unfortunately for investors, the rally hit a wall, in part because of conflicting reports that South Korea was planning to continue a general ban on cryptocurrency trading. While the president's office, ultimately, issued a statement denying that the ban was a finalized decision, the initial report has the wind of Bitcoin cash veils, as Korea represents one of the biggest coin markets.

Currently, the Seoul-based BCH / KRW pair from Bithumb is the second largest market for Bitcoin Cash, as well as its highest volume fiat trading pair.

As a result, it is not surprising that the spot price of bitcoins fell by $ 2,330 before starting a cautious recovery with the rest of the cryptocurrency markets.

At the time of writing, the Bitcoin spot price was trading at $ 2633 on Bitfinex, which represents a minor drop of 24 hours, but a 15 percent increase from its low Wednesday. The market capitalization of Bitcoin Cash is currently $ 44.5 billion, which puts $ 34.6 billion behind the third wave.

Article Source: https://steemit.com/bitcoin/@ultraspace/bitcoin-spot-price-lobbied-for-usd-3-000-as-stumbles-wider-market

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