Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $194 billion.
- Bitcoin is slowly descending towards the $6,000 barrier.
- Ethereum may end the year below $140 after bears regain control from the bulls.
- Ripple is trading in the red by some 0.50% and moving towards $0.20
- Litecoin’s value is dropping towards its fourth consecutive session in the red as it nears $42
Crypto Trends 9th– 15th Dec 2019: PERFORMANCE & ANALYSIS
In the last week, bears have taken full control over the crypto market as they quickly hammered the sporadic yet futile responses from the bulls. Bitcoin and most big-name altcoins have experienced a steady depreciation as the curtain draws closer on a year marked by volatility and unfulfilled expectations.
Bitcoin started the week wobbling, and it quickly reached the immediate support at $7,085.80. A bullish surge saw its price regain momentum and spike towards the $7,300 barrier. However, the attack was short-lived, and the bears quickly regained control. They are now looking to take the most popular crypto towards the $6,000 before the year ends.
For the time being, the investors prefer to remain passive. Trading is slow, and the volume is closing in on a historical low. As bears continue to hype up the pressure, we may be looking at a period of a horizontal trend for BTC value. In the coming days, the price should oscillate between $7,100 and $7,200
At the time of this writing, Bitcoin was trading for $7,131.
Elsewhere, Ethereum is facing full bear control for the long-term. After dropping vertiginously from the $150 mark, ETH seems to sink deeper and in line with the market downtrend. Should it drop below the critical point of $135, we might see more buying activity in the ETH/USD pair. Unfortunately, the prognosis for the next two weeks is not very encouraging.
At the time of this writing, Ethereum trades at $142,89.
Ripple remains vulnerable to the continuous market slowdown. The XRP/USD pair is under bearish dominance, and the hopes of remaining above the $0.20 mark by the year’s end are slim. At the time of this writing, XRP is trading for $0.2181.
Litecoin has no hopes of avoiding its fourth consecutive session in the red as it rapidly drops towards the critical support at $42. At the time of this writing, LTC was trading for $43.82.
What’s in the News?
- Football team Juventus Torino issues a blockchain-based token for fans to pick stadium songs.
- Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment
- Mark Cuban says that Bitcoin will never fully replace fiat currencies.
- Reuters reveals that 66% of the entire hash rate of Bitcoin’s network pertains to miners in China.
- Weibo allegedly shuts down the account of TRON founder and CEO Justin Sun.
- Grayscale Survey Reveals that 43% of Investors Interested in Bitcoin Are Women.
Next Week’s Market Forecast
The 3rd week of December should see the crypto market continue on its disappointing downtrend. The bulls look too tired to recover before the year’s end or to make a surprise attack. As the international relationships between the US and China continue to calm down, we might see an increase in stability for the beginning of January.
Bitcoin should still struggle to remain above the $7,200 threshold as it still condemns the impact of the death-cross in November. The most popular cryptocurrency in the world may head towards a 7-month low if the $7k support fails.
Major trading pairs like ETH/USD and XRP/USD should experience double-digit recessions, and LTC/USD should also remain under full bear control for the foreseeable future.