• Mon. Mar 4th, 2024

Bitcoin Difficulty Continues To Shame Value Surges

Dec 13, 2021

The opening of trade on 10th December 2021, was positive for Bitcoin. When crypto trading on Friday, Bitcoin’s value opened day trading with at the value of US$ 49,107. Soon after the opening of the trade, Bitcoin started to gain momentum and there were price gains up to US$ 800. The value, after the surge, became US$ 49,899, which was Friday’s highest value for the day. The value however started to decline gradually.

Firstly, it came down to a level of US$ 49,777 and then to US$ 49,625. Then came a little pause in the reduction and the value went up again to US$ 49,773. Since then, the value continues to fall down i.e. from US$ 49,773 to 49,634 and then from US$ 49,634 to 49,446. Thereafter, the value started to plummet at a rapid pace. Even as of this time the value is gradually falling. Bitcoin’s value at the start of the trading has however been further reduced to US$ 48,498. This meant that from the day’s highest value of US$ 49,899, Bitcoin lost approximately US$ 1,401.

The lowest value for Bitcoin today was the price of US$ 46,942. However, a quick rebound supported Bitcoin to witness a surge of US$ 1,268 and brought Bitcoin at the price of US$ 48,210. Thereafter, Bitcoin has been finding difficulty in at least going back to Friday’s highest value of US$ 49,899. So far it has been unable to even come close to the value of US$ 49,899 and fell short of US$ 1,084 in value.

Prior to the coming weekend, an analyst of cryptocurrencies warned that the fear of short-term sentiment is still surrounding the Bitcoin market. The analyst was expecting that the value will be further reduced because of the fresh data of the Consumer Price Index (CPI).

However, so far today’s trading hours haven’t been very favorable for Bitcoin in terms of its price. But the good thing for Bitcoin is that the daily trade volume for Friday is on the higher side. According to the data at Cointelegraph, the daily trade volume of Bitcoin for Friday was up by 7.51%. The negatives for Friday were glaringly evident in the price change, market cap, and fully diluted market cap.

As regards the ’24-hrs price change’, the data suggested that Bitcoin is likely to see a reduction of at least 0.87% i.e. US$ 426.64. The overall market cap of Bitcoin is however reduced by 1.07% and is now US$ 917,648,089,289.78. At least US$ 83 Billion is short in taking the market cap above US$ 1 Trillion. The situation with the ‘fully diluted market cap’ for Bitcoin, is also in the negative of 1.07% but it is still over US$ 1 Trillion.

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