Bitcoin is currently trading steadily at around $19.4k at press time. The largest cryptocurrency by market capitalization is steady above the key $19k level after yet another day of relative inactivity just above the $19k support. Altcoins on the other hand were largely steady as well apart from a few exceptions. More on that later on.
In other news, Spain has overtaken the small Central American country of El Salvador to become the third-largest crypto ATM destination in the world. This is from a report from CoinATMRadar. The move follows an aggressive expansion of the sector in the Iberian country even with it posting negative growth overall. More on that later on.
Useful news for the users of Bitcoin Satoshi Vision (BSV) as one miner and one miner alone now has more than 51% hash rate of the network. Reports state that it could be even higher than 70%. The coin itself has taken a big hit over the last few years, shedding more than 90% of its value and not even going up that much during the latest bull market of 2021. The coin is effectively going downhill despite many shady attempts to prop it up and pump it over the years. Now with one miner having control of more than 51% of the hash rate, the group can effectively alter the news blocks and cause massive corruption of the network. Miners in the Bitcoin network don’t have this much control and have a pact to not allow more than 20% of the hash rate for one single miner.
Bitcoin Steady Above $19k
Bitcoin is currently changing hands above $19k after a slow day overall at the top of the charts. The cryptocurrency did move slightly to $19.45k around press time but that doesn’t change things much for it.
The last 24 hours started with BTC at around $19.1k. It rose ever so slightly to $19.2k in the coming hours and stayed there for most of the day. It appeared as if the premier digital currency would finish the day around the familiar $19.2k level but that didn’t actually go through. The digital currency had a slight hiccup at around 2:30 PM in the afternoon to $19.15k but it recovered well from that. At 7:20 PM in the evening, the digital currency began to rise noticeably. It rose to $19.5 within an hour but came down to around $19.4k by press time.
Going forward, Bitcoin is now trading right above the key $19k support. Today’s late price appreciation means almost nothing as the cryptocurrency is well below the next major resistance at around $20k. It has made similar forays before, only to fail at various figures below the key resistance including $19.6k, $19.5k, and even $19.99k. So, while the bulls will always welcome a short-term cushion between them and the great $19k support, it is not a big price movement and it certainly doesn’t change anything. The long-term price index is still heavily in the favour of the bears as they have brought the cryptocurrency from a high of $69k to $19k and are gearing to push it even lower. But, the desperate bulls are making it difficult for them to be able to do so.
The total market capitalization of Bitcoin was around $373 billion and its share of the proceedings was 42%.
Altcoins Remain Steady
Other cryptocurrencies aka altcoins remained largely steady as well at the end of the day. Major price movers included Solana (SOL, 3.5%), Avalanche (AVAX, 2%), Uniswap (UNI, 2%), and Litecoin (LTC, 2%). Overall, the altcoin market was remarkably less volatile earlier today.
In Other News…..
Spain Becomes Third biggest Crypto ATM Service Provider
Spain is experiencing something of an anomaly. The Iberian country is actually experiencing considerable growth in the number of crypto ATMs over there. This is despite the fact that the global crypto ATM sector is had mixed figures in the last few quarters.
The sector actually reported a net negative figure for the first time in Q3. But, that isn’t stopping the great Bitcoin ATM expansion in Espana. Spain now boasts around 0.6% of the world’s total crypto ATMs which is a big number considering its relatively medium-sized population. The country has seen a net installation of more than 48 ATMs this year despite the overall bear market negatively impacting the sector. Spanish ATM installers believe the trend is only going to grow in the near future.
North America remains the region with the highest number of ATMs with a whopping 94.9% of the worldwide machines installed there.