Decrease in Bitcoin Volatility – Ethereum Heading towards $200September 17, 2019
Ethereum is approaching the $200 mark, and over the past two days, the token has seen gains of more than 7% sustaining the current price of $194.
ETH broke through the $180 resistance on Friday by a 4% price rally. The ETH continued its momentum with a gain of 3% over the last 24 hours.
The positive remarks, which were shared by Vitalik Buterin at the Ethereal conference in Tel Aviv contributed to the quick uptick in the price of the asset type.
Buterin has discussed Ethereum’s steady progress in privacy. The networks eventual move to Proof of Stakes (POS) was as well presented in the Conference.
When comparing the 7.5% rise in the price of Ethereum, the Bitcoin registered modest weekly gains of only 1%. This unveils that Bitcoin is getting only 1% support above its critical evaluation at $10,000.
The market dominance cap for Bitcoin was down by 68.5% This was after it broke above 70% for the first time in nearly two years from the start of September.
Ethereum is now back above the $21 billion market cap, and the trading volumes are active with more than $7 billion in a day. The token will be potentially leading the fightback in the crypto markets.
Bitcoin is in the apex of a large 5-month symmetrical triangle. This recent breakout towards $200 is also a sign for what is to come for Bitcoin and the overall cryptocurrency market.
For Bitcoin, the price went down by $200 in just a few minutes. To tick an uptrend, the price should climb up to $10,700.
Bitcoin was unusually volatile on Monday despite the wake of tensions related to Saudi Arabia and the rise in oil prices. This kind of behavior might not last for long, according to Dan Tapeiro, the DTAP capital founder.
Dan Tapeiro tweeted: “Bitcoin chart is very close to upside breakup. A strong close over 10,700 trend line should accelerate.”
The current volatility chart readings are triggering significant Bitcoin Price moves. There are potential for rougher conditions, which will have BTC/USD to close above $10,200, providing for support contributing to a rebound.
Several top cryptocurrencies were seeing light losses of nearly 1.5% versus the flat moves of Bitcoin.
Erik Finman, a cryptocurrency entrepreneur, stated, “Hype has died down around Bitcoin.”
While Bitcoin has been trading in a tight range, the volatility reaching the lowest points ever since May is a sign of a slump.