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Bitcoin (BTC), the number one cryptocurrency in market capitalization (virtual asset), has shown a bearish trend over the past 24 hours and is trading at prices as low as $23,000.
On this day, the price of bitcoin soared from the lowest intraday low of $22,800 to more than $24,000 at one time, and the market share of bitcoin also exceeded 69%, reaching the highest level in seven months.
However, bitcoin is currently in extreme volatility and cannot easily cross the selling pressure of the 24,000 dollar level and the strong resistance level of the 25,000 dollar level, and is moving sideways from the 23,000 dollar level.
As of 9:10 a.m. on the 23rd (Korean time), the market price of Bitcoin (BTC, No. 1 in market capitalization) at CoinMarket Cap is recording about $23,230, down 1.84% from 24 hours ago. The 24-hour trading volume is about $51.3 billion and the market capitalization is about $435.3 billion.
The Chicago Merchandise Exchange (CME) bitcoin futures price closed flat. December, which is the most actively traded, rose by $40 to $23,485, and January’s fell by $45 to $23,760, and February’s rose by $5 to $24,110.
Regarding the Bitcoin price outlook, Michael van de Poppe, a trader and coin telegraph contributor on the Amsterdam Stock Exchange, said, “I wouldn’t be surprised if Bitcoin goes below $20,000.” Is being watched as an important support level, but it will not be shaken even if it falls to $18,500.”
In addition, Zhang Zhao-erl, founder and opinion leader of BTC.TOP, a large-scale Chinese mining pool, said in his Weibo recently, “Bitcoin prices may drop as of March 12 at any time. Blind bullish prospects should be avoided. I do,” he advised.
On the other hand, Mike Novogratz, CEO of Galaxy Digital, said, “The recent bull market is different from the speculative market driven by individual investors in 2017. Within a year, the price of bitcoin is around 10% of the gold market cap. It will reach up to 50,000 dollars,” he predicted.
“Bitcoin’s rally is just beginning,” said Nigel Green, CEO of global financial consulting firm deVere Group. “Bitcoin will have a record year in 2021. It predicted that the price of bitcoin will increase by at least 50%, and if more, it will double.
On this day, most of the major altcoins are showing a sharp decline. The market capitalization of Ethereum (ETH), the second largest cryptocurrency and the’top’ altcoin, has fallen 7.49% over the past 24 hours to about $581.
In addition, Litecoin (LTC, market cap, 5th place) 8.66%, Bitcoin Cash (BCH, market cap 6th) is 13%, Binance Coin (BNB, market cap, 7th) 6.41%, Cardano Ada (ADA, market cap) 8th place) is 12.46%, Chainlink (LINK, 9th in market cap) is 15.25%, and Polkadot (DOT, 10th in market cap) is plunging 8.36%.
In particular, the cryptocurrency Ripple (XRP), the fourth-largest market capitalization, plunged 38.11%, and the market price is currently at the $0.2714 level. The price of the Ripple XRP token collapsed at the $0.30 support line as a result of the US Securities and Exchange Commission (SEC) filing a lawsuit against Ripple.
Cryptonews, a media specialized in cryptocurrency, said that “while SEC filed a lawsuit against Ripple for selling unregistered securities, some small exchanges are taking measures to suspend XRP transactions. According to the media, it was found that the current digital asset exchange Big Sea Exchange in Chicago, Cross Tower of Bermuda, and OSL exchange in Hong Kong have temporarily suspended XRP transactions due to the lawsuit issue.
In addition, according to the cryptocurrency media, The Block, a renowned US high-frequency trading company Jump Trading and digital asset bank Galaxy Digital stopped trading XRP due to the SEC’s filing a lawsuit against Ripple in violation of the securities laws. Simplex, a cryptocurrency payment infrastructure service provider, also stopped supporting XRP. Currently, Simplex is providing solutions for purchasing cryptocurrencies with credit cards on platforms such as Binance, Huobi, Kucoin, and BitPay.
The total cryptocurrency market cap is $627.4 billion, down 4.39% from 24 hours ago, and the Bitcoin market cap share (BTC Dominance) is at 69.1%.
Meanwhile, the New York Stock Market last night ended mixedly with the move to realize profits at the end of the year despite the scale of the new coronavirus infection (Corona 19) stimulus and anticipation of expanding the spread of vaccines.
On the 23rd (local time) on the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average rose 0.38% to 30,129.83, and the Standard & Poor’s (S&P) 500 closed at 3,690.01, up 0.07%. On the other hand, the Nasdaq Index, which is centered on technology stocks, ended at 12,771.11, down 0.29%. The US stock market blockchain theme fell 1.67%.
International gold, a representative safe asset, rose on the back of the weak dollar. On that day, gold for February delivery on the New York Merchandise Exchange closed at $1,878.10, a 0.4% increase per ounce.