Bitcoin ended 4th of July on a comparatively lower price than most traders would have expected. The price dropped about 7% as it tested the $11,000 levels. The results from Google trend and subsequent doubts around Tether manipulation are probably keeping the bulls at bay.
The total market capitalization of cryptocurrency markets was nearly $320 billion with Bitcoin’s dominance around 62.7%. It touched a high around $385 billion last week. Nevertheless, the volatility and the increasing dominance of Bitcoin has left the altcoins in the shadows.
While Bitcoin [BTC] continued to test a break out about $12,000, the altcoin sentiments are at an all-time low as holders look for a reversal.
Ethereum [ETH], Litecoin [LTC], Bitcoin Cash [BCH]
While Ethereum [ETH] broke below it’s $300 psychological support levels. Litecoin [LTC] has been looking to establish support above $120. Moreover, it is also influenced by the upcoming halving next month.
The price of Bitcoin Cash [BCH] at 4: 00 hours UTC on 5th July 2019 is $401. It is trading 3.52% lower on a daily scale.
XRP, EOS, Binance [BNB] Coin
XRP and Stellar [XLM] both broke below their psychological support levels near $0.4 and 0.1 respectively. Moreover, with respect to Bitcoin, the situation is even grimmer. The price of XRP at 4: 00 hours UTC on 5th July 2019 is 0.382.
EOS traded around the $5.75 range, while Binance [BNB] seem to maintain its price above $31. Another Exchange backed token LEO UNUS LED stood out in the sea of red. It traded 2.55% higher on a daily scale at $1.75.
Many altcoins which seemed to revive in March-April 2019 during this year, have been outpaced by Bitcoin since it began ascending above $5000 to reach a high of $13880 in less than 60 days. Moreover, the price has been considered stable with respect to the dollar, but altcoins continue to lose BTC.
While Bitcoin continues to grow as a store of value during tumultuous economic conditions, the rising digitization drive could benefit the cryptocurrency based platforms in the long run. However, the central banks and regulatory authorities are now keeping a close tab on these projects to restrict money laundering and false marketing.
Do you think that altcoin season will be back? 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