Crypto Market Update: Bitcoin Stages a Comeback and Hits Major Milestones

Bitcoin Bounces Back Above $8,000

After a rollercoaster ride of price dips, Bitcoin (BTC) is back in the saddle, trading above the $8,000 mark at $8,041—an increase of 1.2% over the last 24 hours. However, let’s not pop the champagne just yet; Bitcoin is still 3.4% down over the past week. Market dominance for BTC is currently at 66.2%, keeping it comfortably in the lead.

Milestones Galore!

In a double whammy of good news, Bitcoin hit two significant milestones. First, it reached the impressive count of 18 million bitcoins mined, leaving just 3 million still to be unearthed. According to crypto enthusiast and investment firm founder Anthony Pompliano, this means an astonishing 85.7% of total coins are now in circulation.

Additionally, Bitcoin’s blockchain also crossed the sacred 600,000 blocks threshold, a significant moment celebrated by developer Pieter Wuille.

Bearish Predictions from the Gold Bugs

Not everyone is on the Bitcoin bandwagon, though. Gold advocate Peter Schiff shared his less-than-optimistic take, arguing that the Bitcoin chart looks “horrible.” He even forecasted that Bitcoin could plummet as low as $6,000, or—heaven forbid—drop below the $2,000 mark. It’s worth noting that even the oldest rollercoaster can still surprise you, so we’ll have to wait and see.

Ether and XRP: The Other Players in the Game

Switching gears to Ether (ETH), it’s trading at $174, reflecting a nearly 1% rise within the last day but showcasing a hefty 5% drop over the week. Meanwhile, the third-largest cryptocurrency, XRP, is keeping things lively with a modest daily gain of 1.3%, now at $0.294. Notably, XRP’s developers Ripple disclosed selling $66.24 million worth of XRP in Q3 2019—a steep decline from their record-setting $251.51 million in Q2.

Market Snapshot: Winners and Losers

In the bustling world of crypto, the current trend shows that the vast majority of the top 20 coins are in the green. Only three are seeing red. Specifically, Monero (XMR) takes the lead with the biggest drop, plunging by 5.6%. Conversely, Tron (TRON) is celebrating the largest gain in the top 20, boasting an impressive rise of 4.6% over the past 24 hours. Not too shabby, Tron!