News

For the first time since June, Bitcoin completes the month with strengthening

Oct 31, 2019 Forex News

The largest digital currency ends October with strengthening, the last time a similar trend was recorded in late June.

On Thursday, October 31, Bitcoin is trading at $9 235, its market capitalization exceeds $167.010 billion.

After the famous June rally over the past three months, BTC suffered losses. In the second half of October, the coin fell below $7 400, and some skeptics began to bet on its rollback to $6 500-6 700.

However, at the end of the month, the situation changed dramatically. Capital began to come into the cryptosphere. Investors aggressively pumped Bitcoin, which allowed the coin on some trading floors to exceed the psychological mark of $10 000.

Then Bitcoin weakened, however, in general, it ends the month with strengthening, since today cryptocurrency is being traded in the green zone.

Between July and September, BTC cheapened by 6.27%, 4.8% and 13.5% in three months. This unprofitable trend has become the longest since January 2018.

If you look at the chart, you can see that the October growth was the sixth monthly run this year.

At CNBC, an analyst Big Cheds believes that within 48 hours we will see the completion of BTC consolidation. This is a positive signal for us, since in most cases, after fixing the fundamental values, the coin resumes expansion.