CandleFocus Analysts Say Bitcoin Remains Cheap, Investors Await US Election Results! Here Are the Details
2024-09-09
Author: Content Editor
The article discusses the recent trading range of Bitcoin (BTC) between $54,000 and $55,000. It mentions that trading volumes were lower due to investors awaiting US economic data releases and the presidential debate. The market experienced a sudden crash following an employment report, resulting in the liquidation of over $220 million worth of long positions. Other major cryptocurrencies, such as Ethereum (ETH), Solana (SOL), Cardano (ADA), Ripple (XRP), and Tron (TRX), saw modest increases. However, mid-cap tokens like NEIRO and BitTorrent token (BTT) had a 25% increase. Analysts from Presto Research believe that Bitcoin is undervalued and highlight its network security as an indicator of its value. The analysts mention that Bitcoin's hashrate, which reached an all-time high, makes it the most secure network. Rising hashrates historically signal price bottoms for Bitcoin.
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