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Bitcoin [BTC] back in the $4100 ground: witnesses a rise of more than 12% within 24 hours




Bitcoin [BTC] back in the $4100 ground: witnesses a rise of more than 12% within 24 hours
Source: Unsplash

The whole cryptocurrency market has been glowing green this week. All the top cryptocurrencies are seeing a double-digit rise right after a double-digit fall. The coins that have gained the most amongst the top includes Monero [XMR], Litecoin [LTC], Stellar [XLM], Ethereum [ETH] and Bitcoin [BTC].

Bitcoin [BTC], the first ever cryptocurrency, which was bleeding in the market since the beginning of this month has finally started to show signs of survival. The coin has witnessed a massive rise of over 12% in the past 24 hours.

Additionally, the cryptocurrency was covered with blood last week as it plunging below the $3000 mark within 15 minutes. This had a huge negative impact on the cryptocurrency market as the majority of the community believed that the coin will not be joining the bull’s rally this year. The lowest point the cryptocurrency touched since its all-time high is $3456, which took place on November 25, 2018.

According to CoinMarketCap, at press time, Bitcoin is trading at $4126 on BitMEX and $4240 on Bitfinex. The coin has a recorded a market cap of $72.6 billion and a trading volume of $6.54 billion. The biggest cryptocurrency by market cap has seen a rise of 3.23% in the past one-hour.

Bitcoin price chart | Source: CoinMarketCap

Bitcoin price chart | Source: CoinMarketCap

The highest trading volume for the coin is pouring in from BitMEX, the biggest Bitcoin mercantile exchange in the US, with BTC/USD pairs. The second highest is recorded on Coinbene with BTC/USDT trading pairs. Other exchanges that have made it to the top 5 list includes Binance, Bitfinex and OKEx.

The coin has started to trade in the $4000 range after three days. This hike has also resulted in the coin gaining over  $7.25 billion in market cap.

Shubham412302, a Redditor said:

“Just a reminder. This is not a bull run.”

Infamz said:

“Reminds me of 2017 again”

SuperSelf, another Redditor said:

“Just a reminder, excessively low RSI followed by a double bottom pattern are strong indicators of a market trend reversal.”

Moreover, the week also started with several announcements regarding the cryptocurrency space made by key industrial players. Nasdaq, the second largest stock exchange in New York, is speculated to be launching a Bitcoin Futures platform early next year.

Anthony Pompliano, the Founder of Morgan Creek recently said in an interview:

“There is not enough pain in the cryptocurrency market for the bottom to be called. We haven’t reached true capitulation yet and once that hits, we will know that Bitcoin has bottomed.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand



Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:

“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.

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