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Yesterday, February 25, CCN reported that the cryptocurrency market had struggling to maintain its momentum in the region drops to $ 430 billion as sales volumes intensified. A similar trend has occurred today, as most major cryptocurrencies, including bitcoin, have struggled to record gains.
Bitcoin and Ethereum
On February 26, only Litecoin and Ethereum among the 10 most important crypto-currencies on the world market managed to record daily earnings. The native cryptocurrency of Ethereum Ether showed a slight 1% increase from $ 841 to $ 852, after dropping to less than $ 820 on February 25th. Ether remains the only cryptocurrency with the exception of Litecoin, but its volume of transactions remains relatively low.
In recent weeks, Ether has tended to follow the trend of bitcoin prices throughout the payback period from its monthly lows. But, at times, Ether moved into a divergent path of bitcoin and other cryptocurrencies. Last week, when bitcoin reached $ 12,000, Ether and ERC 20 tokens and ICO tokens were mediocre. This week, Ether performed better than Bitcoin, moving in a different direction from the most dominant cryptocurrency on the market.
This week, bitcoin struggled to stay above the $ 10,000 mark, which many analysts have described as the psychological threshold for traders. It is difficult to assess the short-term trend of bitcoin during this period when bitcoin, the most liquid and dominant cryptocurrency on the market, is experiencing strong daily rises and falls.
Just a week ago, the price of bitcoin doubled from its annual floor price of $ 6,100, exceeding the $ 12,000 mark. In some areas, such as South Korea, the price of bitcoin has briefly surpassed the $ 13,000 mark. To date, the price of bitcoin remains below $ 9,600, suggesting little sign of recovery at $ 12,000 in the near term due to its low volumes.
Beginning of February, as reported by CCN, Dan Morehead of Pantera Capital stated that the price of bitcoin should begin to rise on the 72nd day after its major correction in January, given that most short-term bubbles tend to burst. and the momentum is rebuilding in less than 3 months.
“It seems that a few weeks from now, everything will be normal and that we will be able to start again,” said Morehead
Rope of attachment
Tether, a cryptocurrency supported by the US dollar at a ratio of 1: 1, is an important indicator of the short-term performance of the cryptocurrency market. Many investors on major cryptocurrency exchanges like Binance and Bitfinex use Tether to hedge the value of cryptocurrencies during a volatile period, especially when the market begins to fall.
As of February 26, Tether’s daily trading volume is $ 1.975 billion, making it the second most liquid currency behind Bitcoin. Tether’s large daily trading volume indicates that many traders are unsure of the short-term trend of major cryptocurrencies and are covering the value of cryptocurrencies in the market against the US dollar.
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