Bitcoin ‘red-hot’ early in the week
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Bitcoin price dropped another 1% to close to $ 9,200, pushing its capitalization down to $ 166 billion and recorded transaction volume to just $ 18 billion.
Thus, in the past 24 hours, Bitcoin market capitalization has been "blown away" about $ 2 billion, trading volume is also lower than $ 3.2 billion, according to statistics from CoinMarketCap.
Not only Bitcoin, but many smaller cryptocurrencies are also in the red. Ethereum - the second-largest virtual currency after Bitcoin - fell 0.7% to $ 182 causing the size of its capitalization to drop to $ 19.7 billion, a transaction volume of about $ 8.7 billion.
Bitcoin price has been continuously decreasing in recent times
Ripple fell deeper, to 1.6%, currently trading at $ 0.291, market cap about $ 12.6 billion.
Stellar - the cryptocurrency is temporarily ranked 10th in terms of market capitalization - the deepest drop in the top virtual currency group with 2.73%. Early this morning, November 4, Stellar was trading at $ 0.068, market capitalization recorded $ 1.3 billion, trading volume in the last 24 hours was only $ 312 million.
Other virtual currencies such as Bitcoin Cash, Binance Coin, EOS, Bitcoin SV ... have a decrease of 0.1% to 2%.
Litecoin is the only virtual currency to go against the market with a gain of 0.38%, trading at $ 58.7, the market cap of $ 3.7 billion.
Domestically, the selling price of Bitcoin on Remitano is just over 210 million dongs, and the purchase price is over 214 million dongs. In most of the crypto forums, the pessimistic analysis appears overwhelming. Still, a few remain optimistic. Cause, although the market is moving in a negative direction, the bearish signal still appears in the technical analysis for Bitcoin but the level above $ 9,000 has been held throughout the week.
According to some professional analysts, the fact that Bitcoin keeps its price in the $ 9,200 range is a good sign that the virtual currency might be ready to climb to $ 12,300 in the short term.
Josh Olszewicz, a professional analyst, thinks that Bitcoin is gaining momentum for a bull run. Josh Olszewicz's remarks are based on recent day Bitcoin price analysis and see that the leading cryptocurrency is building strength and could rise sharply in the near term. The price Josh Olszewicz offered is in the range of $ 11,300 - $ 12,300.
Another well-known cryptocurrency trader, HornHairs, is on the same page as Olszewicz, arguing that Bitcoin will rise and return to its 5-digit zone, possibly $ 14,000.
Tortoise Trading, a well-known analyst, also thinks that Bitcoin will increase in price in the near future. Based on Bitcoin's daily price volatility chart, Tortoise estimates that Bitcoin will increase by 6%.
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