Bitcoin made a significant move above $8000 late on 12th June 2019. The total market capitalization of Bitcoin [BTC] which broke below $150 billion, is currently testing resistance at $8300. Nevertheless, the break above $8000 also instilled renewed confidence among the bulls.
The price of Bitcoin [BTC] at 5: 00 hours UTC on 14th May 2019 is. It is trading higher on a daily scale.
Litecoin [LTC], Bitcoin Cash [BCH] and Ethereum [ETH]
The rise in Litecoin [LTC] was the highlight of the cryptocurrency markets this week as the speculation around it began with less than 60 days to halving.
Litecoin [LTC] recorded a new yearly high at $145. The rise was witnessed in the past week as Litecoin broke above $100 and continued gaining with massive momentum. The price has corrected to $test $130 levels for the past two days.
Interestingly, while most altcoins traded slightly in the red on a daily scale, Bitcoin [BTC] and its two most popular forks showed positive volatility. BCH gained 4.5% late on 13th June to record a weekly high at $425. However, it plummeted in the following trading sessions; the price of BCH at 5: 00 hours UTC on 14th June 2019 is.
Ethereum also broke bullish above $260; the instantaneous rise was influenced by a hike in Bitcoin [BTC]. However, it too corrected as ETH/BTC traded 3% lower on a daily scale. Furthermore, a slight momentum shift towards Bitcoin from altcoins was also visible in the markets.
Binance [BNB] Coin New All-Time High
Binance reached a new All-Time High as the Exchange backed cryptocurrency has been making huge strides since the beginning of the year near about $6. The price breached the 35 dollar mark to record a near 500% rise since the beginning of the year.
Binance has become one of the largest brands of the cryptocurrency markets with CEO, CZ, leading the foundation to new heights. The cryptocurrency which is backed by the Exchange, has subsequently benefited from the growth of the Exchange as well.
Most of the other altcoins including XRP, EOS, Stellar and Tron also traded in the red. It was mostly influenced by Bitcoin’s bullish momentum and the rising uncertainty about the future of cryptocurrencies with Facebook’s cryptocurrency announcement on the horizon.
Nevertheless, Bitcoin Futures market has been flourishing as well in 2019, with CME and BitMEX logging record volumes. The much anticipated Bakkt Launch is also due in a couple of months, which is expected to revive investors spirits.
Do you think that Bitcoin’sDominance will increase significantly? Will the bull action continue? 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