This report is examining the case of Bitcoin (BTC), a digital currency that registered an increase this October 8, trading at about $10,733 per unit, with a notable increase of 1% in the last 24 hours.
It is evident that the increase was preceded by a fall and that had its lowest point at around 6:00 am (New York time) when the digital currency was trading at about $10,569. After hovering above $ 10,608 less than an hour ago, Bitcoin saw a steep rise that extends to press time.
This increase seems to react to recently published reports, in which various media echo the investment made by Jack Dorsey’s company, Square, which allocated around $50 million for the purchase of BTC funds.
Analysts suggest that an investment of this caliber by a reputable company generates a good impact on the digital currency ecosystem, creating stimulus of interest from other participants that come from a variety of more traditional sectors.
Despite the good evolution seen in the price of Bitcoin in the last hour, our actionable signals service shows indicators of a possible fall throughout the day. We recommend that readers take this information into account and make pertinent adjustments to avoid inconveniences in their commercial operations.
Major altcoins are slightly higher
This evolution seen in the price of Bitcoin was accompanied by a slight increase in most of the main digital currencies, which register small gains for this October 8.
Among the most notable increases are cases such as Bitcoin Cash (BCH), Polkadot (DOT), Chainlink (LINK), Bitcoin SV (BSV), Litecoin (LTC), and Monero (XRM), with gains of more than 1% in comparison to yesterday.
The cases of Tezos (XTZ) and EOS stand out, whose falls exceed 1% at the time of publication. Recall that the latter derived certain profit margins after the incorporation of Google Cloud within the group of block producers for its network.
Winning and losing cryptocurrencies
Regarding the currencies with the highest gains and falls of the day, we have the following cases:
With a 30% profit, Loom Network (LOOM) ranks first, followed by Elamachain (ELAMA) at 28% increase. Both little-known tokens with more than a year of operations, which together capitalize about $12 million in daily volume.
Among the main winners is also the Uniswap token (UNI), which registers gains of 20% in the last 24 hours, and is trading at about $ 3.08 at the time of publication.
The main loser of the day is BDCC, with more than 50% losses this October 8. It is a token that is part of a project whose main emphasis is the creation of a payment system, and it has been circulating in the markets since the beginning of last August, reaching its highest price in the first days of September ($11).
By: Jenson Nuñez.