The Bitcoin price continues to deteriorate, dropping another $500 to $7,500 per BTC. It seems momentum from April's rally is wearing off.
Beginning in April, the price of a single BTC went from $4,150 to $13,000 in less than four months.
The price peaked in late June at $13,015 and again in early July at $12,840.
The Bitcoin price has continued to erode as the cryptocurrency traded sideways for three months before suddenly plummeting on Sept. 24.
The uptick in trading volume indicates the price swing is salient.
The majority of addresses are still "In the money," meaning most addresses have unrealized gains from their Bitcoin purchases.
The real price paid per Bitcoin-an estimate of the average price paid per coin using realized market capitalization-decreased from a high of $5,730 to $5,670.
That said, the difference between the average price paid and the market price per coin has decreased substantially, indicating the market is less overbought due to the recent consolidation.
During the price peak in late June, the average gain would have amounted to $7,860 on a BTC purchase of $5,000-a gain of 157 percent.
Sentiment appears to be at a low while the charts show the Bitcoin price trending downward.
Bitcoin breaks $8,000 support and falls to $7,500
gepubliceerd op Oct 24, 2019
by Cryptoslate | gepubliceerd op Coinage
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