The total crypto market cap remained flat for the seven-day period and still stands at $134.5. By the time of writing bitcoin (BTC) is trading at $3,950 while ether (ETH) stands at $134. XRP’s Ripple is at $0.32.
Bitcoin managed to climb up to $3,964 on the Bitfinex daily chart on March 7 but remained in the range-trading zone between $3,890-$3980 since February 25.
The BTC/USD pair made another price correction on March 8 and closed at $3,938 after breaking above $4,000 for a short period of time during the day. Buyers were able to push the price above the mentioned level on March 9 as the most popular cryptocurrency gained more than 2 percent of value and stopped at $4,018.
It made a slight correction in price on Sunday, March 10, but managed to hold the $4,000 line and successfully closed the 7-day period with a 2.4 percent increase.
Bitcoin started the new week with a red candle to $3,950, which represented a 1 percent loss. The pair once again entered the range-trading corridor between $3,890-$3980 in what many believe was an accumulation phase before an attack of the 2019 high at $4,211.
The most popular cryptocurrency moved to $3,955 in a highly volatile trading session on March 12.
On March 13, BTC was still not able to find its direction and closed at $3,45 with a small loss.
Six mining pools, five of which are based in China, hold approximately 75% of the Bitcoin network’s hashrate according to the Think Tank analysis team under Chinese media outlet Chain DD. As per the 2018-2019 Cryptocurrency Market Annual Report,