Bitcoin broke down below $7500 on 4th June as the price failed to find support above $8000. The crash occurred later during the day with a drop of about $400 from $7900 range. Nevertheless, the price soon recovered as Bitcoin went back above $7800.
The total market capitalization of the cryptocurrency markets broke below $250 billion. However, it has moved back up to $250 billion as Bitcoin [BTC] shows resilience to bears.
Altcoins Stays Equable with Bitcoin [BTC]
Interestingly, the market dominance of Bitcoin [BTC] remained intact at 55% range during the fall. The altcoin ‘Hodlers’ seem more persistent than even as prices refused to drop concerning Bitcoin. Therefore, as almost all of the altcoins are traded against BTC, there was an equivalent drop in altcoins as well.
The last candles on the 4-chart chart have a stark resemblance with Bitcoin [BTC] prices. The price of Ethereum and XRP at 3: 35 hours UTC on 5th June 2019 is $244 and $0.401 respectively. Similar price movements were observed in other altcoins like Bitcoin Cash [BCH] and Litecoin [LTC].
Gold Hold Price Above $1300
While Bitcoin has been on a correction path since the beginning of this month. Gold prices, on the other hand, have been on the rise as the tension due to the US-China Trade War and uncertainty in the global economy continues to escalate. Gold per ounce price broke above the $1300 mark during the end of May 2019.
While Bitcoin was witnessing an initial rise with the falling yuan, the surge has been temporarily discontinued. Moreover, Gold prices are currently testing resistance at $1325/ounce. The All-Time High price of gold is about $1850/ounce.
The price of Bitcoin [BTC] at 3: 35 hours UTC on 5th June 2019 is $7850. It is trading 1.74% lower on a daily scale.
Which market do you think will gain the most in the coming years: Bitcoin or Gold? Please share your views with us.
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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