Bitcoin is struggling around $6,300 level while altcoins have started making recovery except for a few. Meanwhile, studies are revealing a bullish scenario as more than 70% people are aware of and interested in increasing their cryptocurrencies.
Bitcoin price down 14% as bears make a hattrick
It’s been three days that bitcoin has been clashing with bears and coming out defeated. On September 5, Bitcoin has been sitting at $7,380 when bulls first attacked the market. This took the leading cryptocurrency on a downward spiral, having lost over 14% since then. Today, Bitcoin started its day at $6,516 only to drop down to the $6,322 level.
With a market cap of $111 billion, BTC dominance is still doing good at 54.9%. Also, the daily trading volume of Bitcoin is at $4.9 billion. BitMEX accounts for the largest crypto trading volume of Bitcoin in terms of derivatives, no wonders there, given the fact that Bitcoin shorts are spiking.
BitForex comes at the second position with spot trading and then Binance, OKEx, Bithumb, and over 390 other markets as per Coinmarketcap.
Altcoins in green making recovery
A majority of the altcoins are registering small for a decent amount of gains. Among the top cryptocurrencies, Ethereum (ETH) and Cardano (ADA) are the only ones in the red by 2.53% at $220 and 0.75% at $0.083 respectively.
The top gainers among the top cryptocurrencies are:
- Ontology (ONT) is spiking by 7% at $1.98, Dogecoin (DOGE) is up by 5% at $$0.0052 and IOTA (MIOTA) rising by 3% at $0.563
- Stellar (XLM), Dash, NEO, Ethereum Classic (ETC), Binance Coin (BNB), and NEM (XEM) are the 2% gainers
The biggest gainer of today at the moment is Dentacoin (DCN) with 10.90% at $0.000309 while the biggest loser has been Bitcoin Diamond (BCD) with 15.43% at $2.02.
79% of Americans aware of Bitcoin: Study
According to a recent study by YouGov Omnibus, a research firm that conducts nationwide surveys online revealed that majority i.e. 79% of the Americans are familiar with at least one kind of crypto, primarily Bitcoin.
Out of people who have heard of Bitcoin, 49% are not interested while 15% wish they have bought it earlier as it’s too late now. One-third of these people believe cryptos will be widely accepted in the future. Millennials are the most interested and have faith in cryptocurrencies.
72% consumers & 59% of investors planning to increase holdings: Survey
In a separate survey by SharesPost, despite crypto prices going through difficult times, 72% of the consumers and 59% of the investors are planning to increase their holdings over the next year. People are expecting the crypto valuations to grow as 66% of consumers ad 57% of investors are expecting a hike in crypto valuations over the next year.
The key points have been:
- Bitcoin is the most popular crypto holding followed by Ethereum, XRP, and Litecoin
- Growing number of companies are implementing Blockchain technology
- Cryptocurrencies and Blockchain technology just might take a little longer to go mainstream
- Volatility and security are key concerns for Crypto ownership while lack of education and commercial use pose key challenges to Blockchain adoption
The market is still slow moving and on the edge of a precipice. However, as awareness and adoption rise, it talks good things for the future of the crypto market.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.