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    Home » Market Updates » Bitcoin Holds Above $10K, Eyes on Wall Street Opening

    Bitcoin Holds Above $10K, Eyes on Wall Street Opening

    Author: Jordan Lyanchev

    Last Updated Sep 8, 2020 @ 06:27

    Despite a quick dip below $10,000, Bitcoin has recovered and stands above it. Most alts are in the green now, after copying BTC’s movements but are still far away

    Bitcoin dived once more under the $10,000 mark, but it rapidly bounced off and sits above it now. The rest of the market resembled BTC’s movements with initial dumps and quick recovery.

    Given the high correlation, all eyes are now on Wall Street as the market will open today for the first time since Friday and it’s interesting to see how this will impact Bitcoin’s price.

    Bitcoin Dips Below $10K (Again)

    As reported yesterday, Bitcoin was struggling to remain above $10,000. A few hours ago, bears took control and drove it below the coveted mark once more. The asset bottomed at $9,880 (on Bitstamp) and came close to filling the CME gap at $9,600.

    However, instead of dipping further and closing the gap, BTC reversed and spiked. The primary cryptocurrency reached an intraday high of $10,400 but has retraced slightly to $10,280 now.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    According to the data analytics resource Santiment, Bitcoin’s network activity displays bullish behavior, despite the most recent dip beneath $10,000. The company noted that the daily active addresses, which sometimes could indicate upcoming price developments, are “sustaining nicely.”

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    Additionally, Santiment reported that the BTC transaction volume has been increasing lately, suggesting “rising interest around this $10k price level.”

    Bitcoin Active Addresses/Volume. Source: Santiment
    Bitcoin Active Addresses/Volume. Source: Santiment

    Altcoins Follow Bitcoin

    The alternative coin market tends to resemble Bitcoin’s larger moves frequently, and yesterday was no exception. Ethereum bottomed at $325, surged to its intraday high of above $350 and has retraced to $345. Ripple also dumped in value to $0.23, pumped back up, and is currently sitting at $0.24.

    The entire market cap slumped by $15 billion following the daily lows, but it’s now hovering at approximately $330 billion.

    Cryptocurrency Market Overview. Source: coin360.com
    Cryptocurrency Market Overview. Source: coin360.com

    On a 24-hour scale, most of the market is in green. Despite the intraday dips, Chainlink retains its position in the top 5 after a 1% increase. Bitcoin Cash (0.5%), BitcoinSV (5.2%), Binance Coin (2.4%), and Litecoin (1.3%) pump in value from the top 10 coins. Contrary, Polkadot loses 4% and trades at $4.5.

    IOST has entered the top 100 after a 28% increase. Two privacy-oriented coins follow with double-digit price increases – Dash (10.5%), and Zcash (10%).

    Elrond is up by 9% to above $14. It’s worth noting that the company recently completed a 1000:1 token swap and renamed the native cryptocurrency from ERD to eGLD.

    On the other hand, Ampleforth drops by 12% to $0.7, followed by Yearn.Finance (-10%), Serum (-9%), and DFI.Money (-8%).

     

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    Tags: Bitcoin (BTC) Price Ethereum (ETH) Price Ripple (XRP) Price
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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