Bitcoin [BTC] has been relentless as it continued to rise five days in a row breaking past another important level at $6500 in the same week. The altcoin gains on a daily scale suggested that the gains from Bitcoin have started pouring into the altcoins as well as they tested key support levels.
The price of Bitcoin [BTC] at 4: 00 Hours UTC on 11th May 2019 is $6581. While the market dominance of Bitcoin stayed above 58%, the rise on altcoins pushed the market towards $200 billion MCap. The total market cap of Bitcoin alone added more than $5 billion in a day.
Litecoin [LTC], Bitcoin Cash [Cash] and Ethereum [ETH]
Litecoin [LTC] gained over 2% higher than Bitcoin on a daily scale. The price of Litecoin [LTC] at 4: 00 Hours UTC on 11th May 2019 is. It is also testing key Support and Resistance level near $78.
Bitcoin Cash [BCH] and Ethereum [ETH] gained along with Bitcoin’s wave as the Hodlers seemed to hold their position. The price of Ether and BCH gained 3.20% on a daily scale.
Monero (XMR) also gained slightly above Bitcoin [BTC] on a daily scale by 3%. It also tested the key resistance level at $70.
Basic Attention Token (BAT) Gains Big
Basic Attention Token gained higher than almost all the cryptocurrencies on a daily scale. It gained over 25% on a daily scale as it wiped out the losses sustained during the week.
XRP’s Resilience at $0.3 was surprising as the cryptocurrency was unbudged from price. While Stellar, Cardano’s ADA and EOS gained lightly along with Bitcoin’s momentum as well.
The price of XLM and ADA at 4: 00 Hours UTC on 11th May is 0.00001431 BTC and 0.00000980 BTC respectively.
The rise in Bitcoin [BTC] has continued as it moves to test $6600. Moreover, a break above $6450 it was the key support level before the beginning of the bear market in November 2019. Hence, while the short orders on Bitcoin [BTC] fear extreme liquidation, the Bitcoin bulls have been celebrating the rise.
Do you think that Bitcoin will stabilize at this level or a greater upside is possible? 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.