Bitconnect Coin continues to tread carefully against its counterparts, waiting for the next market catalyst. It joined most other cryptocurrencies in tumbling last week when there was more confirmation that China is moving to shut down bitcoin exchanges in the country.
Bitconnect Coin reached the Top 20 of altcoins recently. It is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.
This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network. This altcoin has a market cap of $287,599,260 with a circulating supply of 6,699,432 BCC and an available 28,000,000 BCC. Its 24-hour volume is $2,197,900.
Against bitcoin, Bitconnect Coin is treading sideways, bouncing off support at 0.0285 and rinding resistance around 0.0292. A bit of a symmetrical triangle can be seen in connecting the latest highs and lows so far today.
Zooming out to the daily time frame shows a steady downtrend since last Friday. A falling trend line can be drawn to connect the latest highs since September 15 and this trend line can continue to hold as resistance. Volume has ticked higher to start the week but it barely resulted to big moves.
Looking much further back shows more sideways price action as Bitconnect Coin continues to hug the 0.030 barrier. Price has attempted to break higher but has failed and is now back below the resistance. However, bitcoin also remains under pressure as it could see the sharpest tumble if more bitcoin operations are hampered in China, which used to be the largest bitcoin market in the world.
Bitconnect has a substantially high daily trading volume of $9.2 million, which is significantly higher than that of other rival cryptocurrencies. BitConnect Coin is currently the 12th largest cryptocurrency in the market and its liquidity could rise along with bitcoin from here.