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.
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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