The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin stays above $4,000 with market share diving
Bitcoin prices are staying above $4,000 for the third day in a row, thus backing expectations that a bottom might be in.
On Wednesday, the currency pair BTC/USD was last seen at $4,023.79, heading south by about 0.3% on the Kraken crypto exchange since Tuesday at 5 p.m. Eastern Time.
While the number one crypto asset is holding recent minimums, altcoins, or in other words crypto assets other than Bitcoin, have managed to outperform with many leaping as much as 50% on their minimums. It has decreased Bitcoin’s market share to about 51.4% in contrast with December’s outcome of 55.1%.
The programming instructor at Blockchain LLC, Jimmy Song told that notwithstanding the rumors that many have thrown in the towel, it seems to him that suppressed crypto prices will keep attracting new institutional money.
He added that the financial world is currently entering another period with the most popular crypto asset. A great number of the institutional players have told that they are done with this experiment that might be the case. He’s assured that some other hedge funds as well as other financial institutions will keep investing during this lower period.
On Wednesday, altcoins managed to tack on. As a matter of fact, Ethereum headed north by 0.8% being worth $149.95. The currency pair LTC/USD surged by 0.1% ending up with $39.05. As for BCH/USD decreased by nearly 0.8% coming up with a reading of $157.30. Additionally, XRP/USD surged by up to 0.8% being worth 36 cents.
Aside from that, on Wednesday, Bitcoin futures demonstrated a mixed start. February delivery Cboe Global Markets futures XBTG9 managed to ascend up to 0.4% ending up with a result of $3,985. February delivery CME Group futures BTCG9 went down by about 0.1% trading at $3,970.
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The FOMC, a committee within the Federal Reserve, will hold an important meeting and press conference on September 22 at 21:00 MT time (GMT+3).