Bitcoin is continuously showing strength as it keeps moving in the upward direction. Bitcoin price has increased more than 10% in this week which is still on rise. The surge in the price of Bitcoin is impressive as it has broken the big resistance . As Bitcoin is continuously rising in this week it has reached to $68500 earlier this morning.
Bitcoin price is slightly dropped from $68500 due to the high selling pressure at this level. Bitcoin is now trading at $67500. It would be interesting to see how it plays in the coming hours. There are more chances of it getting above $70k if we dont get any negative news on cryptocurrency .
While Bitcoin is continuously increasing in price but altcoins have not reacted to it. There is no significant increase noted in altcoin prices. All of the altcoins are moving in the same range when Bitcoin was trading at $60k. Only Ethereum seems to be following Bitcoin while altcoins are still not awake.
In order to move altcoins , Bitcoin needs to cross $70k , once it happens altcoins will get up from sleep. While Bitcoin has already reached close to its all time high value , Altcoins are still down more than 50%. The only thing which hurts is when Bitcoin moves up and altcoins dont follow but they follow it when its price drops.
Ethereum , the second largest cryptocurrency by marketcap is also down more than 50% from its all time high price. Our very beloved $HIVE is also very slow when it comes to move upward while it goes down fast whenever Bitcoin price drops a little.
Coming back to Ethereum , Ethereum is not doing well these days. There are a few key factors which are impacting its growth. The first and biggest thing which is stopping Ethereum adoption is the high transaction fees it costs to transact on Ethereum Network.
People feels robbed when it costs $10 fee for a transfer of $5. Who will pay this high cost for the transfer while one can send and receive $HIVE free of cost. We really need to educate people about $HIVE. People are sleeping on $HIVE and INLEO.
On the other hand , Ethereum foundation keeps selling Ethereum which puts selling pressure which cause panic among investors. This does not stop here. We often hear from Crypto stat websites Lookonchain , Ethereum ICO participants often wakes up and found selling huge amounts of Ethereum which they got from ICO which also causes sell pressure.
Only Binance coin $BNB seems to be doing well which is due to its usecase. Binance often launches new projects on its launchpool which requires BNB staking to earn new coins. Whenever a project launches on launchpool the demand for BNB increases which push up its price. This is why BNB is also very close to its all time high value. Only coins that have good usecase will survive longterm.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.