Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Flat in Subdued Trading as Altcoins Remain in Red

Published 04/09/2019, 18:57
Updated 04/09/2019, 19:52
© Reuters.

© Reuters.

Investing.com -- Bitcoin was roughly unchanged Wednesday, shrugging off a broader decline in altcoins as traders awaited further catalysts.

Bitcoin rose 0.39% to $10,661 within touching distance of session highs of $10,739 as the popular crypto appeared to continue to soak up demand despite broad-based weakness in crypto.

The subdued day of trading for bitcoin came as it met resistance at its 50-day moving average in the $10,600 price zone. The 50-day moving average marks the first line of support in an uptrend or resistance in a downtrend.

Bitcoin’s dominate rate – the weight of bitcoin’s market cap relative to the total market cap for all crypto assets – was just under 70% and little changed from Tuesday. It's close to its March 2017 peak of 70.5% from a day earlier.

Bitcoin’s market cap rose to $190 billion.

Other cryptos were in the red, with XRP falling 0.81% to $0.25958, Ethereum down 1.12% to $177.31 and Litecoin dropping 1.01% to $67.96.

In a further blow to altcoins, Ethreum has been singled out for more pain as some warned the popular altcoin is at risk of forming a death cross on its one-day price chart.

A “death cross," a bearish indicator, occurs when the shorter-term moving averages cross below the longer-term ones.

"Price does not necessarily reflect the true intrinsic value of any given token or coin, but the growing sophistication among crypto investors coupled with the strengthening ‘digital gold’ narrative for Bitcoin has helped suppress much of the publicly traded crypto market in recent months," said digital asset research firm Delphi Digital.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.