Bitcoin’s weekly run lost steam towards the end of the week as it broke below $5700. The altcoin HODLers weariness grew even larger as top cryptocurrencies again fall back to test support levels. This is evident from the dominance of Bitcoin [BTC] which is nearing 56%. currently at 55.8%.
Moreover, Bitcoin [BTC] ended the week in red, as it closed 1.41% lower. The price of Bitcoin at 3: 30 Hours UTC on 6th May 2019 is $5702. Nevertheless, on a further positive note, it closed above the 200-Day Moving Average.
The total market capitalization of Bitcoin [BTC] of Bitcoin is just above $100 billion while the total Mcap of altcoins is just below $80 billion.
The alt-season seems to be delayed for longer than expected as altcoins all most all altcoins continue to lose Bitcoins in their portfolios. While the loss in terms of USD is marginal, altcoin traders take a higher sense of loss as the trading volume for BTC pairs are considerable.
Bitcoin Cash [BCH], Ethereum and Litecoin [LTC]
Bitcoin Cash [BCH] was one of the biggest gainers in the past week. Moreover, it successfully broke above $250 sentimental level. The price of BCH at 3: 50 Hours UTC on 6th May 2019 is $287.
Ethereum [ETH] and Litecoin [LTC] also fell back on support levels near $160 and $70 respectively. The loss w.r.t to BTC was considerable as Ethereum broke below 0.029 BTC. The price of Ether [ETH] at 3: 40 Hours UTC on 6th May 2019 is $162. The price w.r.t. BTC is 0.0284 BTC.
Litecoin [LTC] also broke below 0.013 BTC as it lost 2.64% w.r.t. BTC on a daily scale. The price of Litecoin [LTC] at 3: 45 Hours UTC on 6th May 2019 is $73.90.
XRP and Stellar [XLM] Pulled Back
XRP has probably been one of few altcoins that have been de-coupled from Bitcoin prices to a larger extent. However, it comes mostly by negative price action. XRP has broken below the $0.3 again, as the price of XRP at Hours 3: 40 Hours UTC on 6th May 2019 is $0.297.
Stellar [XLM] broke below the key support level of $0.1 as well. Furthermore, w.r.t to BTC the price of XRP and XLM at 3: 40 hours on 6th May is 0.000005225 BTC and 0.00001700 BTC respectively.
Cosmos and Tezos which broke above key resistance levels at $5 and $1.2 respectively were also pulled back to correction. The price of ATOM and XTZ at 3: 45 Hour UTC on 6th May 2019 is $4.67 and $1.15 respectively.
Do you think the alts will make a come-back or further downside can be expected? Please share your analysis 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