Bitcoin settles below $40K, Dash skyrockets and Bitcoin Cash breaks out

After consecutive days of Bitcoin surge, finally Bitcoin calms down while some high-cap altcoins shoot up.

Share

After weeks of breaking records followed by 3 days of fluctuations, the most well-known cryptocurrency and largest by market capitalization fell below $40K on January 10, 2021. Meanwhile, some altcoins such as Dash and Bitcoin Cash soared.

wqferg.png
Source; Cointelegraph

There are multiple causes attributed to BTC’s fall and one of which might be a slight increase in miner’s selling their BTC as MPI (Miner's Position Index) has reached levels where miners are selling. And in this regard, Ki Young Ju believes that MPI seems to be enough to create a local top just before the price falls below $40K.

tyikv.jpg TC/USD vs. MPI. Source: Twitter/@ki_young_ju Source; Cointelegraph

In addition, the Crypto Fear and Greed index have stayed at high levels (above 90 or "extreme greed" for 2 months) which warns of an incoming pullback.

tfikgy.png

Crypto Fear & Greed index. Source: Digital Assets Data Source; Cointelegraph

Good days for altcoins!?

Following the Ethereum breakout, it seems that the upward and bullish trend has migrated from BTC to altcoins, Bitcoin Cash and Dash also rose dramatically by 50% and 40%, respectively. This move has also led multiple analysts to believe that the “altseason” is commencing.

Categories

Cryptocurrency(5)

Latest News

Shiba Inu surges more than 240% in a few days, enthralling investors and surprising traders.

Shiba Inu jumped in price only in a few days and holders had a gain of over 240% based on the time and day of their purchase. ...

OCT 08, 2021

China tightens its grip more on crypto and its operations

The Chinese government is battling cryptocurrencies once again, and to this end, the Chinese central bank is establishing a "coordination mechanism" with state ...

SEP 24, 2021

NFT Company helps Afghan women gain access to education

While the Taliban are taking over Afghanistan, Bookblocks.io is joining forces with a US-based organization to help Afghan women have access to education. ...

SEP 22, 2021

Optimism new upgrade: ‘one-click’ roll-up deployment enabled

Optimism uncovered its new upgrade while a completion for layer-two scaling solutions is heating up. ...

SEP 20, 2021

Tags

Dash

Trump

Bitcoin Cash

Altcoin

Tags

Dash

Trump

Bitcoin Cash

Altcoin