Bitcoin price (BTC) trades in the narrow range of $9,300 level over the last 24 hours after bulls fail to breach the $10K mark during the weekend trading. Although traders blame Warren Buffett and Bill Gates for the price collapse, a lack of fundamental support also contributed to the selloff.
The recent bull-run was supported by trader’s optimism over Goldman Sachs entry into the cryptocurrency markets. Market analysts, however, believe bitcoin price needs strong support to crossover $10K level as technical factors aren’t supporting another rally.[1]
The coin hasn’t also been receiving fundamental support from market activities. Indeed, when studying a Google search trend chart it’s obvious to see that trader’s interest for bitcoin declines steadily – which isn’t a pleasant sign for bulls who expect sustainable growth.
Source Image: trends.google.com[2]
Trader’s interest for bitcoin dropped to the lowest level since early October.
The huge drop in interest is due to regulators interference and enforcement of anti-money laundering laws. Reports had suggested that illegal trading activities accounted for half of the trading volume when BTC had hit the all-time high at the end of the year. [3]
EOS and IOTA Outshine Top Ten Cryptocurrencies
EOS (EOS) price resumed the uptrend today. The fifth largest coin trades above $18 level once again. It was up 10% earlier today before falling later in the trading. The demand for EOS coin remains robust as its trading volume stands at $1.69 billion, the third largest trading volume in cryptocurrency market. Only Bitcoin and Ethereum have better trading volume then EOS. Analyst claims that EOS price has the potential to reach its all-time high that it achieved at the end of last month.[4]
