RATE Group | Bitcoin faces a brick wall at $9,300
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Bitcoin faces a brick wall at $9,300

31 Jan Bitcoin faces a brick wall at $9,300

Posted at 15:40h in Bitcoin News by

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  • The cryptocurrency market has continued the recovery with altcoins showing the best results.
  • Fundamental developments in the industry are totally unrelated to price momentum.
  • Bitcoin is vulnerable to technical correction within the upside trend.

The cryptocurrency market has been on recovery mode during the last week of January. Bitcoin and all major altcoin finished the month in a green zone, with some of them posting triple-digit gains. Dash and Ethereum Classic (ETC) has become growth leaders of the month with 181% and 145% of gains respectively. ZCash (ZEC) and Bitcoin Gold (BTG) also showed spectacular results. 

What’s going on in the industry

Most of the price movements were unrelated to projects’ fundamentals and driven mostly by sentiments and speculative factors. The fact that 51% attack on the Bitcoin Gold network did not result in a coin’s sell-off supports this theory. Actually, the coin gained ground after the fact of attach was revealed.

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