Bitcoin Could Fall Below $10,000 Mark As Altcoins Gain

Bitcoin

Bitcoin’s value risks falling below the $10,000 USD psychological mark this week after making some strong gains last week.

Bitcoin Dropped to $10,060 Today

The world’s top cryptocurrency dropped to $10,060 this morning, which is the lowest valuation since September 2. Momentum last week saw BTC recover from falling below the $10,000 mark at the end of August, as excited analysts abandoned their bearish sentiments. However, analysts now await an external event to assess Bitcoin’s current performance against, and this could come with the launch of Bakkt later this month.

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Eagerly Awaited Launch of Bakkt

Filb Filb, a prominent crypto trader, said, “A lot of people are hoping to get bids filled below $9k; the market rarely gets what it wants and I wouldn’t be surprised if they are forced to buy higher. But let’s see what happens with the launch of Bakkt.” Bakkt is a highly anticipated Bitcoin futures exchange and digital assets platform that is backed by the Intercontinental Exchange, the company that operates the New York Stock Exchange and is considered a major gateway to bring wealthy investors into the world of cryptocurrency.

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Decline in Bitcoin’s Market Dominance

With Bitcoin’s drop off today, its market dominance over altcoins also dipped below a milestone marker of 70%. Bad news for Bitcoin often represents good news for altcoins, which have been languishing in recent months. Over the last few days, some major altcoins have made some considerable gains, such as EOS, which is up 18.4% in the last week and Etherum, Bitcoin’s closest competitor, gaining over 5%.

Bitcoin’s market dominance fell from 71.2% to 69.7%, which may seem like a reasonably inconsequential loss; however, some analysts are predicting that this could signal an upturn in fortunes for altcoins. The rally in altcoins, which many analysts refer to as altcoin season, has led some people to believe that the crypto market is due for another boom similar to 2017.

Featured Image: DepositPhotos © spaxiax

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