The hashrate associated with the king coin had dropped during the most recent bear-run which impacted most altcoins in the market. However, it has since improved; Bitcoin has stopped consolidating as a result of sellers stepping up their activities. In comparison to ETH, BCH and many more assets, Bitcoin has managed to sail through in the midst of bearish pressure being the prevalent force.
— Whale Alert (@whale_alert) September 27, 2019
This tweet has led to many preparing for another short-term dump which might result in a drop below $8,000. Post-July, Bitcoin’s performance has been pockmarked with reductions, prompting few to state that the “bubble” is about to burst. Need I remind you, Bitcoin has been around for more than a decade and FUD linked to the king coin hasn’t affected its pace.
Bitcoin is ranked at #1 above Ethereum and XRP in the market. The price rose at a rate of 1.9% in the course of the past 24-hours. This brought BTC all the way up to $8207.62 where it currently rests. The trading volume recorded stands at roughly $15.943 billion, whereas the supply has 17,961,437 BTC coins involved as part of circulation. The total market cap of the king coin amounts to $147.420 billion for now.
On-chain data can show us how long someone has been holding their Bitcoin before selling
Based on ASOL, the avg coin had been held less than 30 days during the price dip
= the sell off wasn’t from long term holders selling their stack
— Josh Rager 📈 (@Josh_Rager) September 27, 2019
While this might not be “the best of times”, it offers an opportunity for newbies trying to experiment and HODL. Although not many share this line of thought, Bitcoin is a “safe haven”; one can have faith in future bull-runs which bring take us to greater heights.