Crypto-Market Update: Bitcoin [BTC] Back Above $8500; ETH, XRP, LTC & EOS Lead Gains


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Crypto-Market Update: Bitcoin [BTC] Back Above $8500; ETH, XRP, LTC & EOS Lead Gains

Bitcoin fell by almost 10% briefly after a sudden surge above $9000 on Thursday 30th May 2019. On Friday, it was trading below $8300, which increased the probability of a downside. However, Bitcoin [BTC] re-claimed its price above $8550 later the same day.

BTCUSD
BTC/USD 1-Day Chart on Bitstamp (TradingView)

The price of Bitcoin [BTC] at 4: 15 hours UTC on 1st June 2019 is $8550. It is trading 3.58% higher on a daily scale.

The altcoins have been tightly coupled with Bitcoin [BTC] for the last couple of months. This is due to high dominance and higher adoption by institutions for Bitcoin alone. Moreover, with the regulation stalled on Bitcoin [BTC], the altcoins also cannot make significant progress. The dominance of Bitcoin [BTC] over the cryptocurrency markets is above 55.6% at the moment.

Ethereum [ETH], Litecoin [LTC]

Ethereum and Litecoin gained above 6% as Bitcoin [BTC] reversed its momentum towards green again. The price of Ethereum and Litecoin has been closely related to Bitcoin [BTC] price movements.

The price of LTC and ETH at hour UTC in 2019 is $115 and $270. They are trading about 6.5% higher on a daily scale.

LTCUSD
LTC/USD 1-Day Chart on Bitstamp (TradingView)

EOS Threaten Bitcoin Cash [BCH] for 4th Position

Bitcoin Cash [BCH] also gained 5%. The price of Bitcoin Cash [BCH] at 4: 25 hours UTC on 1st June 2019 is $442. It is trading 4.88% higher on a daily scale.

Furthermore, the fourth position of Bitcoin Cash [BCH] with respect to total market capitalization is currently under threat from EOS. Block.one is expected to make a huge announcement today which has led to the price built up.

EOSUSD
EOS/USD 1-Day Chart on Bitfinex (TradingView)

XRP and Binance [BNB] Coin

XRP is one of the most popular cryptocurrency because of its association with both: the decentralized system and the centralized world. The price has been on a steady growth again from the past couple of weeks.

The price of XRP at 4: 15 hours UTC on 1st June 2019 is $0.437. It is trading 4.52% higher on a daily scale.

BNBUSD chart
BNB/USD 1-Day Chart on Binance (TradingView)

Binance [BNB] Coin which is near its All-Time High also rose back above to trade in the green. Moreover, since Exchange operations back BNB, its price is slightly less correlated to Bitcoin [BTC].

The price of Binance [BNB] Coin at 4: 30 hours UTC on 1st June 2019 is $32.5. It is trading 4.14% higher on a daily scale.

Some of the other cryptocurrencies with gains are Cardano’s ADA, IOTA and Tron [TRX] with near 7% gains on a daily scale. The total market capitalization of the cryptocurrency market is $272 billion.

Do you think that the altcoins with lead gains over Bitcoin [BTC] in an all-season? Please share your views with us. 

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Crypto-Market Update: Bitcoin [BTC] Back Above $8500; ETH, XRP, LTC & EOS Lead Gains
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Crypto-Market Update: Bitcoin [BTC] Back Above $8500; ETH, XRP, LTC & EOS Lead Gains
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CoinGape
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist 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

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Nivesh Rustgi 437 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist 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

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