Over the past 24 hours, the price of bitcoin has jumped significantly. Other markets also spent the day relatively calm yesterday.
Bitcoin is currently trading at $ 11.750, up 2.2 percent from the previous 24 hours, according to Coin Desk. During this period, the Bitcoin price fluctuations ranged from $ 11,409 to $ 11,839. However, the price of this digital currency is higher than the 10- and 50-day moving averages; An issue that is a positive sign for the market.
From yesterday until now, Bitcoin has recorded a significant leap. The king of digital currencies was able to rise from $ 11,477 to $ 11,839. A little later we saw a slight correction in the chart and now each bitcoin is traded in the range of $ 11,750.
"Bitcoin started its uptrend on Sunday by jumping above an important moving average," said Katie Stockton, an analyst at Fairlead Strategies.
The digital currency was in a stabilization phase after jumping above the 50-day moving average. There is a possibility of a short-term jump in the medium-term uptrend. This indicates that an accumulation phase paves the way for reaching the peak of August again.
On August 17, Bitcoin hit a 2020 high. To date, each bitcoin has traded at $ 12,476 at the BitStamp Exchange.
Despite the low volume of transactions and the number of bitcoin transactions, the volume of instant transactions in exchange offices on Monday is higher than the usual volume on Mondays. Instant trading volume at major exchanges reached $ 473,739,764 on Monday. This figure is even higher than last month's average ($ 348,110,579)!
In a recent statement, John Willock, CEO of Tritum Asset Management, predicted that the price of bitcoin would soon cross $ 12,000. He added:
We will definitely get close to $ 12,000 in the future. The potential effects of US stimulus are expected to push up prices on hedging assets such as gold and bitcoin. These assets are commonly known as safe havens.
Constantin Kogan, a senior executive at BitBull Capital, noted the decline in miners' fee income.
The share of miners' income from processing transactions and receiving commissions from Saturday to Monday, reached the lowest level in the last three months and was in the range of 3.49 percent.
It is worth mentioning that the share of miners' income from network fees reached its lowest level and range of 2.52 percent on July 12 . According to Cogan, one of the reasons for the decrease in the share of miners' income from network fees is the low volatility of bitcoins and their processing in the network of this digital currency.
On Sunday, 231,437 transactions were processed in the Bitcoin network, which is a 40% decrease compared to July 1. As of July 1, 382,408 transactions had been processed on the network. Cogan said in this regard:
Miners' incomes have declined due to low market fluctuations.
New investment field
Ethereum, the number two currency in the digital currency market, rose 1 percent to $ 379 on Monday. Ether currently trades in the $ 378 range.
The field of decentralized financial management, or DIFA, continues to attract more bitcoin investors. The Harvest Finance project is one of these projects that allows investors to automatically invest digital currencies in popular Difai projects. The project was able to raise nearly zero bitcoins in early September, which reached 10,000 bitcoins on Sunday.
The volume of bitcoins locked in Harvest Finance on Monday was estimated at 11,479 units (equivalent to 135,394,805 dollars). The amount of locked assets in this platform is close to $ 348 million.
Brian Mosoff, CEO of Ether Capital, commented on bitcoin deposits in protocols such as Harvest Finance, noting that bitcoin fluctuates less than ether and therefore has lower trading profits.
Bitcoin fluctuations have been lower than ether recently, and it may be safer to deposit in the Defi.
Other markets
Digital currencies are mostly green yesterday. Dash was up 14.1%, Stellar was up 7.6% and Monroe was up 2.8%.
On the other hand, Thezus, Orchid and Bitcoin Osoi were the losers of yesterday's market, respectively, with 1.5, 1.2 and 0.45% price reductions.
The Nikkei 225 Asian market index jumped 1.1 percent yesterday. China's GDP growth of 4.9 percent in the third quarter of 2020 is one of the reasons for this increase.
The European FTSE100? index fell 0.59 percent yesterday. Concerns about choice have been cited as the reason for this devaluation.
The S & P500? index in the United States also fell 1.6 percent. Nancy Pelosi's deadline for pre-election talks in November and ambiguities over the Corona virus protection plan have fueled the crash.
The price of a barrel of crude oil decreased by 0.20% to $ 40.62. Gold also rose 0.18 percent and is currently trading at $ 1901. US Treasury bond yields rose 1.3 percent to 0.762, up 1.3 percent.
