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Bitcoin (BTC) Price Stabilizing Above $5,000, Altcoins Recover

Published 04/08/2019, 03:51 AM
Updated 04/08/2019, 05:02 AM
 Bitcoin (BTC) Price Stabilizing Above $5,000, Altcoins Recover

Bitcoin (BTC) stabilized after a brief dip below the $5,000 level last Friday, and extended the rally near to its previous peak at $5,307. The asset traded at $5,287.46 as of 6:30 UTC on Monday, for now avoiding a sell-off. BTC prices are supported by high volumes and high-level activity in the Tether (USDT) stablecoin.

More than 75% of BTC volumes are in the BTC/USDT pairing, and each USDT coin is going through the ecosystem more than eight times a day. The current state of BTC is raising questions whether the leading coin could go in for another dramatic rally, or sink to new yearly lows.

Currently, the USDT premium for BTC is extremely low, around $17 as of 7:00 UTC on Monday, as BTC prices are seeing pumps also in the fiat markets. BTC is seei...

This article appeared first on Cryptovest

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