Bitcoin Closing In On $4,000 After Dropping Under $3,900

ยท in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Bitcoin (BTC) is getting closer to $4,000 after being traded a few hours ago under $3,900. Virtual currencies in the top 10 are operating both in the red and in the green zone. The best performing asset is Ethereum (ETH) that has increased by 5.49% in the last 24 hours. The worst performing crypto is Bitcoin Cash (BCH) falling 1.67%.

Mixed Virtual Currency Market

Bitcoin seems to be recovering after falling under $3,900 a few hours ago. Now, the popular virtual currency is close to $4,000. During Christmas, Bitcoin fell under $4,000 and operated between $3,650 and $3,900. In the last 24 hours, the most popular digital asset is experiencing a growth close to 0.25%.

According to the crypto analyst Alex Krüger, Bitcoin is currently forming an inverted head & shoulders pattern at long-term support. Additionally, he explained that when Bitcoin goes up, generally all cryptocurrencies go up even more. The same happens when Bitcoin falls. Cryptos fall even further.

He went on saying that Ethereum is a good pick for longs. Krüger explains that Ethereum will soon experience the Constantinople fork and that it will generate a strong buying pressure on the asset.

Ethereum’s Constantinople hard fork will reduce block rewards from 3 to 2 ETH. This is something bullish for ETH since there will be less selling pressure in an asset that has a lot of natural selling pressure from Initial Coin Offerings (ICOs).

Indeed, in the last 24 hours, Ethereum has grown more than 5% and it is getting closer to XRP. XRP surpassed Ethereum a few months ago and since then it remains in this position. Ethereum has a market capitalization of $14.94 billion and each ETH coin can be purchased for $143.

Bitcoin, instead, has a market capitalization of $68.89 billion and each coin can be purchased for $3,947 according to CoinMarketCap.

After Ethereum the best performing assets are EOS (2.37%) and XRP (0.94%). The worst performing assets after Bitcoin Cash are Bitcoin SV (-1.39%) and Tron (-1.34%). Litecoin (LTC) is registering a growth of 0.69% and Stellar Lumens (XLM) is falling 0.62%.  

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