Bitcoin Price Reverses Downward Trend To Tackle $1200 Once More
Bitcoin is within spitting distance of $1200 per coin again Friday, reversing a trend which began almost one month ago.
Bitcoin’s price support is edging towards $1200 once again as the latest scaling-related controversy rolls on.
According to data from Coinmarketcap, at press time Friday, Bitcoin is within $20 of the barrier for the first time since March 16.
The upward trend reverses behavior over the past month, with external factors seeing the Bitcoin price dip as low as $914.
Pressure resulting from the Bitcoin scaling debate occasionally produced marked impacts on the Bitcoin price itself, but the relationship has become more nuanced in recent weeks.
The controversy surrounding the Chinese mining manufacturer Bitmain this week has done little if anything to affect the general strengthening.
The Bitcoin market is showing steady growth, in contrast to the altcoin market which previously overtook it, which is now showing signs of patterned inflation and deflation.
In the 24 hours to midday GMT Friday, Bitcoin was the only gainer from the top ten cryptocurrencies, with all nine altcoins below it posting losses.
At the same time, however, Bitcoin’s overall market share out of all cryptocurrencies is still bottoming out. Having reached a record low of under 65 percent earlier this week, its presence has since slightly recovered to hover at just under 70 percent.
This in itself is still a noticeable decrease from just three months ago when Bitcoin held 87 percent of the market.