Bitcoin heads close to $11000 mark and in a strong position to withstand the support levels near $10800
The deplete in the number of coins on the coinmarketcap platform, points out the failure of some coins in the virtue of success
Biggest Single-Day Spike for Bitcoin
Bitcoin which had maintained a 100-day average near $10,400, jumped above the levels after a pretty long time. Currently, Bitcoin is priced at $10,611 with a gain of 2.91 percent which is considered as the biggest single-day jump in the past two months.
In fact, Bitcoin had crossed $10,700 levels but pulled back. Therefore the new resistance level is found surrounding $11000.
Is Bitcoin worth holding?
In the crypto space, the new coins are launched every now and then. But the prime focus would be on the coins which sustain themselves amid the drastic downturn. However, the crypto space witnessed the DeFi storm which launched numerous DeFi tokens, which were scrapped within no time.
As much as 5000 coins were listed on coinmarketcap a month or two before but now left out with about 3000 coins. According to a crypto trader The Wolf of All Streets, in the coming 5-10 years, only 100 coins can survive within the crypto space and most of the coins would fail in order to succeed.
“It won’t be pretty, but eventually a lot of these projects are going to have to die for the space to succeed,” he said.
In the time of an immense downtrend of the whole crypto space which occurred in the past couple of days, the projects that can sustain shall only survive.
DeFi tokens which hurdled the growth of the traditional coins now seems to have settled down without intense fluctuation. Where-as Bitcoin and the other traditional coins maintained a narrow trend, forecasting less volatility.