Bitcoin Recovers Above $8K After 18th Million Bitcoin Was Mined

Published at: Oct. 19, 2019

Saturday, Oct. 19 — crypto markets are seeing a slight recovery after another downward movement as Bitcoin (BTC) is back to trading above $8,000.

Market visualization. Source: Coin360

18 million BTC mined, BTC blockchain hits 600,000 blocks 

After trading below $8,000 threshold for most of the day, Bitcoin has seen a sharp recovery to climb above the mark at publishing time. The biggest cryptocurrency is trading at $8,041, up 1.2% over the past 24 hours, according to Coin360. However, Bitcoin is still in red over the past week as its price is down 3.4% over the past seven days. Bitcoin’s market dominance stands at 66.2% at press time.

On Oct. 18, the total number of mined bitcoins crossed 18 million, leaving 3 million to mine in total, as tweeted by founder of crypto investment firm Morgan Creek Digital Assets, Anthony Pompliano. Following the new milestone, Bitcoin now has 85.7% of total coins mined, while the number of Bitcoin left to mine until the next halving now amounts to 373,888, according to BitcoinBlockHalf.com.

Bitcoin’s blockchain has also seen another important milestone today as the number of blocks passed 600,000, Bitcoin Core developer Pieter Wuille tweeted on Oct. 19.

Earlier today, gold bug Peter Schiff posted another bearish tweet, claiming that Bitcoin chart “looks horrible” and forecasting that the biggest cryptocurrency may soon not only drop to as low as $6,000, but also may collapse to below $2,000.

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is up nearly 1% over the day. At the time of writing, the top altcoin is trading at $174, down more than 5% over the past seven days.

Ether seven-day price chart. Source: Coin360

XRP, the third-largest cryptocurrency by market cap, is up 1.3% to trade at $0.294. The altcoin is seeing significant growth over the past week, up nearly 8% over a seven-day period. 

Yesterday, XRP’s developer Ripple announced that it sold $66.24 million worth of XRP in Q3 2019, which is down almost 74% compared to the record sale worth $251.51 million in Q2 2019.

XRP seven-day price chart. Source: Coin360

Winners and losers

At press time, only three coins among the top 20 cryptos by market cap are seeing red, while privacy-focused coin Monero (XMR) is seeing the biggest loss of 5.6%.

On the other hand, Tron (TRON) is seeing the biggest gains in the top 20 list over the past 24 hours, up 4.6%.

Keep track of top crypto markets in real time here
Tags
Bitcoin
Bitcoin Price
Markets
Altcoin
Cryptocurrencies
Ether Price
Related Posts
Bitcoin Price Near $3,400, Wider Crypto Markets See Another Mild Slump
Thursday, Dec. 13: after seeing a small rebound yesterday, crypto markets are experiencing another mild decline, with 19 out of the top 20 cryptocurrencies by market cap in red. Market visualization from Coin360 Top cryptocurrency Bitcoin (BTC) has not managed to hold $3,500 support, dropping to as low as $3,406 earlier today. As of press time, the coin is trading at $3,417, down about 2 percent over the past 24 hours. The leading coin is down about 6.5 percent over the past 7 days by press time. Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index Ripple (XRP), the second …
Bitcoin / Dec. 13, 2018
Price analysis 11/19: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, AVAX
Bitcoin (BTC) dropped below $56,000 on Nov. 19, completing a near 20% correction from the all-time high. The Crypto Fear & Greed Index, which remained in the greed zone for most of the past two months, has plummeted into the fear category with a reading of 34. Cryptocurrency research firm Delphi Digital said in a recent report that the sell-off in Bitcoin was “largely driven by a wave of liquidations rather than a fundamental shift in narrative,” and the analysts expect the drawdown to be “relatively short-lived.” The recent correction does not seem to have shaken the long-term holders. According …
Bitcoin / Nov. 19, 2021
Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
The U.S. dollar currency index (DXY) turned down sharply after rising above 101 on April 20 but this weakness in the dollar has not helped Bitcoin (BTC), possibly because the S&P 500 is struggling to build upon its strong rally on April 19. This indicates that Bitcoin remains tightly correlated with the U.S. equity markets. Irrespective of the lackluster price action, research projects several positives for Bitcoin this year. A report by Insider Intelligence shows that the number of adult crypto users in the U.S. could surge from 28.3 million in 2021 to 33.7 million in 2022. Along with the …
Bitcoin / April 20, 2022
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies. That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost prices of stocks and the cryptocurrency markets as both …
Bitcoin / Sept. 2, 2022
Price analysis 11/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT
China witnessed a spike in Covid cases and that has resulted in strict lockdown restrictions in several parts of the country. This triggered widespread protests in China and has possibly pulled the global stock markets lower. In addition to the turmoil in China, the cryptocurrency markets, which are already in a bear grip, are reeling under pressure from the Chapter 11 bankruptcy filing by BlockFi and its subsidiaries. Bitcoin (BTC) is down 21% in November, on track to its worst November performance since 2018. The sharp fall in Bitcoin’s price has drastically reduced the number of wallets holding more than …
Bitcoin / Nov. 28, 2022