BTC price jumps to 4,120 USD subsequent toe a yearly low dive

BTC price jumps to 4,120 USD subsequent toe a yearly low dive
Nov 26, 2018 by Rico Wise

The dominant digital currency had dropped as low as 4,456 USD on San Francisco-based cryptoexchange Coinbase, an event that took place the same day the bitcoin-to-dollar trading pair lost its 4,000 USD support level for the first time this year.

After hitting the new yearly low, the digital asset managed to perform a modest recovery. A rise inpurchase volume instantly drove BTC back on the way to 3,900 USD, giving it the necessary support for exercising the ascension back to the 4,000 USD level, which it managed to accomplish for a short period by the end of the day. Around 22:00 UTC, the digital asset was able to reach 4,120 USD, even though since that moment it slid back to the 3,997 USD at press time.

The recovery restored the market capitalization of Bitcoin to 70 billion dollars, accounting for a 3.26% daily growth. Most of the remaining digital currencies with large market capitalization have registered modest gains too, despite the fact that XRP and BCH both stayed in the red. LTC currency was the best performer, currently positioned at 7th place, rising 5.18% for the day to the level of 30.73 USD.

It is left to be witnessed if this is the start of an actual recovery or is merely a dead cat bounce. According to previous reports, a substantial part of the previous selling has been credited to digital currency financiers that bought Bitcoin back in the beginning of 2017, at the time when its price was approximately 1,000 USD.