Bitcoin Price Reverses Downward Trend To Tackle $1200 Once More

The article below is justification to all the bulls out there. The price of bitcoin is on the rise and the reasons go far deeper than mentioned in this article by William Suberg. Original Article here

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.

Bitcoin Charts

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.

Altcoins

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.

AltcoinsAt 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.

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