Bitcoin Is Inching Towards $10,000 Mark Again


Cryptocurrency market is witnessing strength in the last 24-hour trading pattern. Though Bitcoin is trying to cross the psychological $10,000 market again, the virtual currency is witnessing signs of losing its steam by shedding a modest 0.07 percent in the last one-hour period at 10.00 a.m. ET.

Bitcoin Cash, which gained 3.57 percent in the 24-hour period, has lost 0.52 percent in the last one-hour period. Similarly, the second biggest market capped virtual currency, Ethereum, too managed a gain of 2.11 percent only to shed part of the gain in the one-hour period.

Though investors are closely watching the movement of Bitcoin due to its market cap, there are at least fourteen digital currencies that recorded over ten percent gain in the 24-hour period. Of this, at least four cryptocurrency instruments jumped more than 20 percent in the same period.

Crown, which is ranked at 81st place by virtue of market cap, recorded 23.66 percent jump in its prices. XTRABYTES followed it by a gain of 22.66 percent whereas Counterparty jumped 22.24 percent in the same period, data showed.

Similarly, more than 25 cryptocurrencies have seen a growth between 9.9 percent and 5.0 percent in the 24-hour period. The price advancement came despite China’s tough stance on the digital currencies though it favored Blockchain technology like its neighbor, India. People’s Bank of China Governor, Zhou Xiaochuan, told media that the virtual currency market was a speculative one. Therefore, he felt that the trend was misleading for investors to invest in it.

While 20 digital currencies have traded between 4.99 percent and 3 percent, another 19 virtual currencies have traded in the range of three percent – one percent gain in the 24-hour period. The trend suggested appetite for digital currencies on Monday since there was only two coins that traded with a loss of over ten percent. Pura and Bitcore witnessed a loss of 14.68 percent and 11.66 percent respectively.

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