Bitcoin, the flagship cryptocurrency, has recently started to rise and is quickly closing in on the $3,500 mark as most altcoins are currently up in the last 24-hour period. Despite the positive performance, analysts suggest we’re still in a support area and could see it go lower.
According to CryptoCompare data, bitcoin is currently trading at about $3,480 after rising 2.8%. Despite its recent rise, BTC is still down by about 6.3% in the last two weeks. In the past 30 days, it’s lost nearly 46% of its value.
Notably, the cryptocurrency bear market that has been lasting for nearly a year now has seemingly been failing to stop adoption from growing. As CryptoGlobe covered, 1,500 restaurants in Denmark have recently restarted accepting bitcoin payments through an online food takeaway portal.
Moreover, research has shown nearly 40% of freelancers are using cryptocurrencies, as they are appealing because of the lack of intermediaries and ease of use for international transactions.
The price drop has seemingly also not affected those in the cryptocurrency space. As covered, Morgan Creek Digital recently made a “Buffett Bet 2.0,” as it bet naysayers $1 million cryptos will outperform the S&P 500 over the next decade. Some have also suggested that the best time to buy bitcoin is now, as we’re approaching a halving event in 2020.
Speaking to CyptoGlobe Mati Greenspan, senior analyst at eToro, revealed the $3,500-$3,000 zone is a considered a support for the cryptocurrency. He added, however, that it’s possible BTC will still go to $3,000, or even below it. Greenspan added:
Charting analysis only gives us last data, which can tell us which price levels are relevant to watch for. However, past performance is not an indication of future results.
The cryptocurrency’s price drop saw various miners shut down their operations as they started being unable to cope with the costs associated with them. This saw the hashrate plummet from its high in August, leading to a drop in mining difficulty. According to F2Pool founder Mao Shixing, this drop lowered some ASIC machines’ ‘shutdown price’ to $3,260.
Altcoins Start Recovering
Despite bitcoin’s growth, it isn’t the best performing cryptocurrency in the last 24-hour period. Ethereum’s ether and the XRP token are both currently up by over 2.5%, while Zcash, DASH, and NEO have all risen little over 5%.
Notably, Bitcoin Cash has risen over 8.4% in said period, and is currently trading at $106.5. BSV, which was outperforming BCH this week, has fallen 7.5% to $95.6. Privacy-centric cryptocurrency monero (XMR) has interestingly only risen 0.9%.
These positive price performances have seen the crypto market add about $4 billion.