Bitcoin price is struggling to break the $9,000 mark despite indications that the bearish run on the cryptocurrency has taken a backseat giving way for bullish run since the last few days.
After a long price decline, bitcoin price started to gain and managed to surpass $8,500 levels and has been hovering at $8,800 mark since yesterday. While everyone was optimistic that the bull run will continue and breach $10,000, there has been a pullback and the resistance at $9,000 is rather surprising.
Late last night, the Bitcoin price made another push at $9,000, but — demonstrating the significance of that mark — the rally stalled at $8,999 on Bitfinex, after which BTC began to tumble. The Bitcoin price decline continued throughout Tuesday’s early morning hours, and BTC eventually hit a low of $8,313 before experiencing a minor bump. At present, Bitcoin is priced at $8,500, which translates into a $144.5 billion market cap provides the coin with a 34.9 percent market share.
Wednesday marks the expiration date for CBOE’s February Bitcoin futures contract, so traders should keep an eye on that index as the day progresses.
The Ethereum price matched the index on Tuesday, declining four percent to $828 on Bitfinex. Ethereum now has a market cap of $81.7 billion, which leaves its total market share at 19.8 percent. Despite this decline, Ethereum investors should continue to monitor the impending introduction of CryptoKitties into China, which could provide the Ethereum price with a minor bounce if the game proves as popular on the mainland as it is elsewhere.
The altcoin markets glowed crimson on Tuesday, as just a dozen of the market’s 100 largest cryptocurrencies managed to mount an advance against the US dollar. Of the few cryptocurrencies that did post a single-day gain, none ranks in the market cap top 10.