As cryptocurrency market loses some steam from the recent rally, we look into the 22 February Bitcoin Price Fundamental Analysis. What drives Bitcoin prices today?
CryptoToday – Yesterday, we saw Bitcoin prices dropping more than 1000 points. That time, the cryptocurrency has found a support level at $10,155.
22 February Bitcoin Price Fundamental Analysis
The dip in Bitcoin prices occurred due to technical reasons, as there were no major negative fundamental events happenings. Most likely, the Bitcoin has slid as investors locked in profits following the recent BTC rally.
Bitcoin has rebounded from the drops following the report about Bitfinex and Coinbase introducing a new software that aims to decrease transactions costs by more than 20%.
Lower transactions might increase the chances of a wider Bitcoin adoption.
In addition, the adoption of SegWit 0.16.0 by the major exchanges will most likely contribute to the transaction speed of Bitcoin.
XRP, Bitcoin Cash Fundamental Analysis
Today, we observe some signs of the cryptocurrency bull market exhaustion as the majority of the top 100 cryptocurrencies by market cap are in red territory. The leading cryptocurrency has dropped more than 5% in the last 24 hours. As of the moment of writing the price of BTC stands at $10,163.30,
The biggest loser among the top 10 cryptocurrencies is Bitcoin Cash. The cryptocurrency has dropped almost 8% percent in the last 24 hours. Now, Bitcoin Cash is changing hands at $1,222.89. In fact, it is also down 24.11 percent from its recent high of $1,641.40. The rally of Bitcoin Cash has stopped as the coin could not pass the key resistance at around $1,533.
Another cryptocurrency loser today is the native coin of Ripple, XRP. The coin now is trading at $0.949999, down almost 9% in the course of the last 24 hours. This is despite the positive news about Ripple adding five new payments clients in four different countries.
The firm has also published white papers that point out to a possible upgrade for the technology supporting Ripple. Yet, the dip in XRP prices makes it clear that the market participants have not paid enough attention to the news.
The total market capitalization value of all the cryptocurrencies stands at $435,394,625,360, thus marking a 61% increase from the low of $276 billion of February 6th.
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