Bitcoin price continues to face rather high selling pressure on Thursday but, remarkably, the bears have been staved off in European trading markets, with a low registering only at USD 7,918, before now recovering to just above USD 8,000 (CoinDesk).
A lot of long traders would surely have been breathing sighs of relief when that happened, but the bad news for them is after clawing back to USD 8,100, familiar patterns of resistance froze buyers and now it is anyone’s game while we wait for North America to wake up properly.
Altcoins are having a crazy day as well, with Monero seemingly coming out from nowhere to post 13% gains over yesterday, causing prices and speculation to peak at over USD 60. Dogecoin as well, perhaps due to some unexpected major listing for the memecoin, also posted 13% gains overnight after climbing up slowly in the past week. In the Top 30, XEM was the other double-digit gainer just above 10%, but other alts like Ripple (6%), XLM (4.7%) and QTUM (4.9%) are gearing up for possible runs to the top.
All of this is now happening against the backdrop of a rather important milestone for Bitcoin, for whom analysts are expecting will see its 18 millionth Bitcoin being mined tomorrow, on Friday, 18 October 2019.
This landmark number is an important one, because this now means that with Bitcoin’s fixed supply of 21 million coins, only 3 million coins are left now to mine in the entire Bitcoin supply (according to BitcoinBlockHalf statistics). Commentators have long been observing these numbers, but it was Morgan Creek Digital Assets co-founder who is now stirring up the Twittersphere with his comments.
