After the significant hike on monday, the crypto market is entering the slightly bearish trend. The major altcoins are recovering but no altcoin, currently, is going through a massive surge. At press time, the leading cryptocurrency in terms of gains is monero followed by Bitcoin with slight growth of 4%.
After the bullish monday wherein the price went up from $10,980 to $11,815. Bitcoin is showcasing a bearish start to tuesday, as the price fell from $11,810 to $11,657 in the early hours of Tuesday. Further, the bears stepped in and the price sloped down to $11,730. Nonetheless, the bulls are trying to gain back the momentum and took the price up to $11,809. But this momentum couldn’t last for long period the bitcoin price dropped to $11,654.
According to coinmarketcap, Bitcoin is currently trading at $12,151.96 with $212,359,021,622 market cap and $22,154,223,513 24 hour volume.The current circulating supply of bitcoin is 17,860,525 BTC.
The MACD indicator shows increasing bullish momentum.And the RSI indicator is trending around 53.
Reason Behind The Sudden Spike
In an interview with CNBC, Circle CEO Jeremy Allaire explained the sudden rise in bitcoin price.
According to Allaire investors are embracing Bitcoin as a “safe haven” amid the US-China trade war. Allaire related the sudden rise in Bitcoin Price to China devaluing its currency, the yuan, Jeremy Allaire praised bitcoin as a reliable store of value during stock market turmoil.
Watch the complete interview with Jeremy Allaire here: