Bitcoin is positioned at #1 in the market with a dominance rate of 66.3% associated with it. The trading volume recorded stands at roughly $17.447 billion, whereas the supply has 18,038,562 BTC coins in play as part of circulation. The total market cap of Bitcoin amounts to $159.353 billion for now. The price declined at a rate of 0.1% in the course of the past 24-hours; this brought BTC all the way down to the $8834.06 mark where it currently holds.
#Bitcoin failed to close above 9.8K in October which meant that we would see a drop within the channel. 📊😁
I think we will eventually pump to the upside but to be safe I still have shorts open from 9.5K+, which will be close upon potential future bullish momentum (breakout) pic.twitter.com/oaxEoIw9oF
— Welson 📊 (@CryptoWelson) November 10, 2019
The majority of alts have rebounded and are presently being backed by buyers. Bitcoin recorded a drop of 5% a day back, which left many HODLers disappointed. Prominent Gold baron Peter Schiff issued a warning which stated that an upcoming dump will destroy all hopes held by crypto-investors.
However, Bitcoin may recover soon as this week marches on. Some analysts have proclaimed that the “alt-season” is here to stay. Although, other projects have previously been pumped for a short while, results have predominantly been disheartening.
Bitcoin derivatives provider #Bakkt logged its largest single-day trading volume of its physically-settled monthly bitcoin futures yesterday! (Over $15,000,000)
Remember when everyone was disappointed with the volume when it was first opened. Always be patient! pic.twitter.com/b6a6ZWz83T
— Welson 📊 (@CryptoWelson) November 9, 2019
Bakkt was unveiled a few weeks back and has garnered traction in recent times. Some speculate that BTC’s losses may have a crucial connection with trading volumes surging on Bakkt. Till now, observers have failed to establish a link. According to Whale Alert, approximately 2000 BTC was transferred from an unknown wallet to OKEx.