Bitcoin’s bullish momentum has driven it past $13000 again after a 30% pullback. Hence, the buying pressure in Bitcoin still seems consistent. As some of the critical indicators are still lagging, apparently, the limited supply with global economic unrest is enough to motivate the traders at the moment.
The price of Bitcoin [BTC] 3: 00 hours UTC on 10th July 2019 is $13020. It is trading 2.9% higher on a daily scale.
Bitcoin’s dominance of the cryptocurrency markets breached another percent as it reached close to 65%. Moreover, while in terms of USD, the altcoins are trying to hold above support, most altcoins are testing ultimate support levels with respect to altcoins.
While this upsets the traders trying to accumulate Bitcoins, however, many experts suggest – it will also provide for authentic and sustainable growth of the market from now.
Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]
While Litecoin [LTC] is looking to establish support near $120, Bitcoin Cash [BCH] is also trading above $400. These two are ideal alternative cryptocurrencies for payments due to the low transaction cost. However, the utility of cryptocurrencies in payments is still limited due to regulatory concerns and competition from banks.
Ethereum [ETH] has also maintained support above $300. However, the last time Bitcoin broke above $13000; ETH, ETH was trading above $350. The price of Ether [ETH] at 3: 00 hours UTC on 10th July 2019 is $312. It is trading 1.13% lower on a daily scale.
The situation is the same with EOS and Tron [TRX] as well; EOS is forming support around $5.8, with TRX at 0.033. Moreover, it is imperative that the altcoins hold above these levels for the next support is near yearly lows.
XRP, Stellar and Monero
The XRP community was one of the most active and successful cryptocurrencies within the cryptocurrency space. This accentuated the price of XRP greatly during the 2017 bubble. Currently, the ‘hodlers’ have seen any considerable gain on it, as it continues to trade below $0.4.
Moreover, last time Bitcoin broke above $13000, XRP was traded above $0.45. Stellar [XLM] has also been testing support above $0.1.
The popular Exchange backed tokens Binance Coin and LEO traded above $32 and $1.5 respectively.
The rise is in Bitcoin above $13,000 has turned many analysts bullish. Moreover, while the market sentiments are different than last time. The scope of growth for altcoins is still the same. Therefore, the developers and teams will be working hard towards increasing adoption and viability of their cryptocurrencies.
Which cryptocurrencies do you think will be more successful? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com