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Bitcoin {BTC} lies on the verge of recovery as altcoins bounce back

Bitcoin

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.

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.

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.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.