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article imageBitcoin still consolidating around $3,400 before move up or down

By Ken Hanly     Feb 3, 2019 in Technology
For the last couple of days Bitcoin has been consolidating around the $3,400 level and continues to trade in a narrow range before any significant move up or down.
Cointelegraph analysis
Anton Zmudski writing at Cointelegraph posted an article on the price movements of bitcoin(BTC) and several other cryptocurrencies just a few hours ago. He notes that most of the top 20 cryptocoins at present are reporting slight losses. As his article went to press, the price of bitcoin was around the $3450 mark according to Coin 360 data. It is down slightly since then.
According to CoinMarketCap bitcoin was down just a fraction of half a percent on the day trading at $3,476. This is about 3 percent below the $3,594 at which bitcoin started the week.
Ripple (XRP) has lost a full percentage point over the last 24 hours up until press time and trades presently at $0.303. This is lower than the start of the week when it was $0.316 but not by much. At mid-week it hit a high of $0.33 on January 31.
Ethereum (ETH) the second largest cryptocoin by market cap only fell by less than a quarter of a percent over the last 24 hours.
After a mid-day high of $110 dollars ether is trading at about $107. However, over the week ETH has dropped more than 7 percent as it was at $115 dollars at the start of the week.
Only a few of the top 25 cryptocoins are experiencing growth right now. Waves (WAVES) is up more than 3 percent. EOS is up nearly two. Better known Litecoin (LTC) is up over a percentage point.
Michael Novogratz an ex-Goldman Sachs partner tweeted earlier in the week that while he thinks the crypto market will not rise for at least a few more months he still is confident that things will improve eventually.
Jack Dorsey of Twitter still confident that Bitcoin will be the Internet currency
In a recent interview Jack Dorsey co-founder and CEO of Twitter said that he still believed that bitcoin (BTC) will be the native currency of the Internet. In the interview he stated: “[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”
Dorsey is also the founder and CEO of Square a mobile payments company. Square permits users to trade in bitcoin. In quarter 3 of 2018 Square generated $43 million in bitcoin revenue.
Present situation for bitcoin (BTC)
Bitcoin opened at $3,466 24 hours ago according to CoinDesk data. It has reached a high of just $3,473 since and a low of $3,386. At 18:15 Central Standard Time it was at $3,424. Although still above the $4,000 level it is down $38 dollars from its open or a little over one percent. However, the price has yet to make a significant move up or down. The present price of bitcoin can be found here.
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