Bitcoin Struggles To Maintain Long-Term Support Above $10K, Altcoins Comeback? Weekly Crypto Market Update
Cryptocurrency news keep coming hot for yet another week of interesting events as the altcoin market is seemingly waking up. However, the market is in no hurry to buy the news and it doesn’t appear that we will see another altcoin season any time soon.
The last quarter of 2019 is ahead of us and it seems that we will sum up the year as a successful one for Bitcoin, which has recently stabilized around $10,000, given that no one predicted it earlier this year. Also, Bitcoin’s hash rate continues to increase and breaks new records as it can be seen in the picture.
The hype created around Bitcoin this year has affected its price, but the situation with altcoins is different. For instance, Ripple announced a cooperation with SBI and the price didn’t rise as it did back in 2017 when this type of news had a great effect. In the wake of the hype surrounding the phenomenon of ICOs, the market’s correction is a healthy one. Although there are some altcoins that are trying to break through, right now there is no success and we may not have seen their bottom at this time as Bitcoin continues to gain popularity.
Ethereum is approaching an upgrade called Istanbul which should help with its scalability issues. The trend of Airdrops is also coming back as Bancor and Stellar will soon be distributing coins in an attempt to increase the usability of the network and possibly influence the price. Tether also announced that they will issue another stable coin backed by the Chinese Yuan, while Paxos announced that they will issue a gold-pegged cryptocurrency. Eos is also planning an upgrade soon and the launch of Telegram’s Open Network is also around the corner so it’s possible that another altcoin season may be approaching.
Nevertheless, despite the amount of news about alternative cryptocurrencies, their prices are still wading and so is the risk accordingly.
Market Data
Market Cap: $263.1B
24h Vol: $51.6B
BTC Dominance: 69.7%
BTC: $10,231 (-%)
ETH: $180 (-0.35%)
XRP: $0.26 (-0.5%)
BTC Shorts (BFX): 12.5K BTC
BTC Longs (BFX): 28K BTC
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As Protests in Hong Kong Rage On, Is Bitcoin Really a Safe Alternative For Businesses? Protests in Hong Kong escalated throughout the past couple of weeks. This reportedly led some of the businesses to turn to Bitcoin as a manifestation against the Hong Kong Dollar. However, given Bitcoin’s pseudonymous nature, the question is if that’s actually good for their own safety?
Bakkt Warehouse Is Now Active for Bitcoin Futures. Bakkt, the Bitcoin futures trading platform which is scheduled to launch on September 23rd, announced that their Warehousing solution is already prepared and active for futures. It is also protected by a $125 million insurance policy, further guaranteeing the safety of the users’ holdings.
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