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article imageBitcoin jumps to over $9,000 but then falls to near $8,000

By Ken Hanly     May 30, 2019 in Technology
Bitcoin has had huge swings today reaching and breaking through $9,000 gaining about $500 dollars from its open and then falling to near the $8,000 level later today.
Ouimet's analysis
Sam Ouimet wrote an analysis of bitcoin's (BTC) on CoinDesk with the last update being at 19:28 UTC time today. For the first time in over a year the price of BTC peaked over the $9,000 level. However, within a few minutes after the peak it dropped down below $8,600 a plunge of around $500 dollars.
At 16:00 UTC bitcoin jumped 4.6 percent from its UTC open before its sudden drop back. The drop has continued since Ouimet posted his article. The peak was at $9,084 the highest it has been since last May 18, according to CoinDesk data. In just ten minutes sellers stepped in and BTC shed $500 in just half an hour from when it peaked.
Messari data shows that so far today BTC has traded $26.3 billion.
The general cryptocoin market followed a similar trajectory
The entire cryptocurrency market reached a ten month high of $285.8 billion total capitalization before also falling back as did BTC.
Coins such as Tron (TRX), Litecoin (LTC) and EOS (EOS) all reported losses that were more than three percent after they had been several percent positive earlier. However, a few coins are still showing growth. Both dogecoin (DOGE) and Bitcoin SV (BSV) are both still up more than five percent. Even with the big pullback today bitcoin still shows a gain of about 63 percent for the month, not a bad gain in a month.
Present situation
24 hours ago BTC opened at $8,596. It roared up to a peak of $9,084 before plunging down and then dropping even further to bottom out with a low of just over $8,000, $8,025. By 21:25 Central Daylight time BTC had recovered slightly to $8,332 a drop still of $264 from the open or over three percent.
As for the other coins mentioned by Ouimet, BSV dropped by more than 15 percent from being up five percent when Ouimet posted his article. On the other hand DOGE is still up up over three percent. TRX and LTC are still down over five percent and EOS is down even more at just under seven percent. The present prices of bitcoin and the twenty main altcoins can be found here..
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