Bitcoin and its price have been the talking point in the cryptocurrency space for the past couple of weeks and valid reasons. After climbing to lofty heights in September and October, the world’s largest cryptocurrency witnessed its price tank by almost 30 percent in November.
Although the price has been on the road to recovery in the past 48 hours, some analysts are fearful that if a dip occurs, Bitcoin would be breaking some infamous records. Crypto Loomdart, a Bitcoin enthusiast tweeted on November 27:
“I still can’t get over the fact that since trading at $1 bitcoin has never had 7 consecutive red 3D candles. if todays 3D closes red, literal records will be broken.”
The analyst may have leaped in joy later as Bitcoin rallied a bit to go into the green zone. At press time, Bitcoin was trading for $7345.52 with a total market cap of $132.735 billion. The cryptocurrency held an increased 24-hour market volume of $20.86 billion after a 2.19 percent jump in prices over the past day.
In terms of reported volume, there was a surge of trades that occurred on BitMEX, which users speculate may have led to an increase in prices. BitMEX occupied 12.67 percent of all Bitcoin trades, which amounted to a whopping $3.03 billion in transactions.
Some parts of the Bitcoin community related to the analyst’s fear, but many remained confident that the candle formation was just a random mirroring of old patterns. Some users claimed that if a random process was conducted over a long stretch of time, it would generate older patterns, a phenomenon that the bullish users aligned with. At the same time, some others were very close to quitting the industry as shown by ryanms86’s tweet, which read:
“Awesome, and i got into this space January 2018. I have had the worst experience. Completely emotionally and financially destroyed. Bowt to hang jump off this branch.”
Bitcoin’s price may also receive a positive boost soon on the back of news that the UK based Coincover was devising a way to protect Bitcoin in custody.
The year-old firm has teamed up with BitGo to offer Bitcoin and cryptocurrency wills in a bid to solve the problem of what happens to your Bitcoin when you die. This is seen as a much-required feature because, just last year, billions worth of Bitcoin was lost due to the passing of custodians or company heads.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.