Bitcoin (BTC) Seeing its Worst Session in 10
$BTCUSD, $CME, $CBOE
- Altcoins are showing signs of life, says 1 technical analyst
- *Did you know that mining Bitcoins is 3X more expensive than mining Gold?
Major digital currency prices traded lower Thursday in New York, giving up the majority of Wednesday’s advance.
Bitcoin, BTCUSD, -0.22% the most famous an largest digital currency, was changing hands at $6,442.99, down 1.2% since Wednesday at 5:00p Eastern Time on the Kraken exchange.
As it stands, Bitcoin marked its worst session since 29 October 2018
With Bitcoin stuck either side of $6,500 aka ranged, traders and investors are looking to altcoins, the group of smaller coins other than Bitcoin, for value, and 1 technical analyst said a change in fortune could be on the horizon for owners of smaller digital currencies.
“After pullbacks to the lower end of narrow trading ranges last week, a growing number of ALTs [altcoins] bounced back to reverse downtrends that have been in place since the April-May highs and in some cases since the beginning of 2018,” wrote Robert Sluymer, technical strategist at Fundstrat Global Advisors.
Mr. Sluymer added that while downtrends have reversed, it is too soon to say there is confirmation of uptrends in place yet.
However, in Thursday trading we saw that the major altcoins were under pressure.
- Ether ETHUSD, -0.41% was trading 2.3% lower at $213.76 each
- Bitcoin Cash BCHUSD, -2.16% was off 4.1% at $588.90 each
- Litecoin LTCUSD, -1.25% was down 1.8% at $52.94 each and,
- XRP, XRPUSD, +1.78% which trades on Ripple’s network, was the worst-performing altcoin, down 6.8% at 50c each.
After back-to-back winning sessions, Bitcoin futures closed lower on Thursday.
- The Cboe Global Markets November contract XBTX8, -0.35% finished down 1.5% at $6,422.50 and,
- the CME Group November BTCX8, -0.16% ended down 1.4% at $6,410.
*Note: In a research paper for The Nature International Journal of Science, Max Krause, a research engineer at the Oak Ridge Institute for Science and Education, and Thabet Tolaymat of the Environmental Protection Agency found that the cost to mine $1 worth of Bitcoin is more than three times the cost to mine $1 of gold and other precious metals.