December is almost over, and it’s safe to say that it has been action-packed. Over the past week, Bitcoin’s price went on a rollercoaster, dropping to a low of around $6,500 only to correct to approximately $7,200 where it currently trades, leaving many to question whether the bottom was already in. Looking at the bigger picture, however, one year ago, Bitcoin was trading at around $3,122, which means that it has managed to more than double its value.
It’s worth noting that while the price was jumping up and down throughout the entire week, Bitcoin’s dominance has been surging. In the last seven days, it’s up almost 2%, standing at 68.3%. This means that altcoins have been struggling to claim any new grounds, despite the turbulent price action.
Looking at altcoins, the week has been relatively disappointing. Most of them are charting decreases upwards of 5% against both Bitcoin and the USD. Of course, as it’s almost always the case, Bitcoin’s recovery also helped altcoins, and they did manage to patch up some of the losses from the beginning of the week.
The market continues its development, and exciting news came from the European Union. New and strict regulations will take effect in January 2020, which would require cryptocurrency businesses to implement more thorough KYC and AML check-ups. Fidelity Digital Assets, one of the world’s largest asset managers, is also set to expand its crypto services in Europe.
In retrospect, the week was eventful in terms of both price action and news. As we enter the week of Christmas, it’s interesting to see whether Santa will come early or will it be a no-show.
Market Cap: $190B
24H Vol: $71B
BTC Dominance: 68.3%
BTC: $7,196 (0.56%)
ETH: $128,65 (0.65%)
XRP: $0,193 (2.33%)
The Bearish Sentiment: 70% Think Bitcoin’s Bottom Is Below $6,000. The beginning of the week was hard for Bitcoin, as the price plummeted to around $6,500. One prominent analyst took it to Twitter to ask where do people think Bitcoin…