There will be changes from Bitcoin and Altcoin

By HMP | Blogger PH | 10 May 2020

Halving the Bitcoin market in particular and the entire electronics market in general have a sad Sunday when the red color covers with a strong decline of over 10% ($ 9.5 drops to $ 8.6 for BTC). 

In recent hours, the bitcoin price has been quite negative when the bulls failed to protect the support levels below $ 9,000 - $ 8,800 and the digital currency fell into a deep decline.

Today's bitcoin exchange rate (May 10) recorded at 11h02 at $ 8,603 is down 11.71% compared to the last 24 hours.

Market capitalization plummeted to $ 158.85 billion and market dominance (BTC Dominance) increased to 67%.

On the market covered in blood red, there are 96/100 down-to-date cryptocurrencies registered over the last 24 hours, of which the majority reduction of over 10%.

In the top 10, all recorded declines compared to the past 24 hours, the decline of altcoins is not inferior to bitcoin.

The total market capitalization of cryptocurrencies recorded at 11:05 am sharply adjusted to $ 237.29 billion, down $ 31 billion compared to the past 24 hours.

The market's 24-hour trading volume recorded at 186.59 billion USD, an increase of 17 billion USD compared to 9/5.

The sudden drop of the whole market caused many traders to be caught off guard and the data from Skew showed that the hourly liquidation on BitMEX reached USD 226 million.

Another interesting fact is that the price has now bounced out of Fiber 61.8%, a point commonly referred to as the 'golden pocket'.

And traders seem to be quite interested in buying in this area.

Nearly Halving, the volatility of bitcoin is getting stronger, halving the block reward from 12.5 BTC to 6.25 BTC may make many operators choose to turn off some miners when marginal. Returns become unfavorable to them.

Or they may switch to other coins that have higher profits and lower competitive rates than bitcoin.

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