Bitcoin [BTC] seems to have established support above $7600, consolidation in Bitcoin [BTC] continues. The theories of a pullback have only been half correct at this point. Traders would be looking at the $9000 and $10000 mark for a further bullish move. On the downside, Bitcoin is expected to find considerable support near $5000-$6400. However, it must break below $7000 first.
The price of Bitcoin [BTC] at 5: 30 hours UTC on 12th June 2019 is $7976.
Litecoin [LTC] Leading Gains
The consolidation in Bitcoin has also renewed the altcoin traders spirits as their markets have held on to their gains as well.
Moreover, Litecoin [LTC] has been the leading gainers since the past week couple of weeks due to the halving speculation; it even broke above the ascending triangle on the daily this morning to record a high of $141. Litecoin has gained more than $25, with a percentage gain of 21% since the beginning of the week.
B.Biddles, a chart analyst noted on Twitter,
$ just broke out of this ascending channel. Breakout volume kinda weak tho. Sometimes the volume comes after the confirmation. Let’s see.
Ethereum [ETH] and Bitcoin Cash [BCH]
Ethereum [ETH] and Bitcoin [BCH] have struggled to break past their psychological levels at $250 and $400 respectively. The price of Ethereum at 5: 20 hours UTC on 12th June 2019 is $249. It is trading 1% higher on a daily scale.
Moreover, the increase in Litecoin [LTC] also negatively affects the price of Bitcoin Cash [BCH] due to their shared utility. The price of BCH at 5: 20 hours UTC on 12th June 2019 is $391.
Binance [BNB] Coin
Binance Coin [BNB] has been one of the most robust growing cryptocurrency since the beginning of the year. The most extensive Cryptocurrency Exchange, Binance back the cryptocurrency. Recently, Binance reasserted its authority as reportedly it moved about 3% of Bitcoin’s total market capitalization.
It broke above the $33 mark as it has continued to build support above $32.5. Mati Greenspan, Senior Market Analyst at eToro noted,
$32.50 playing an abnormally strong psychological role in Binance coin’s price action. 🤔
XRP Broke Below $0.4
XRP which was looking towards a break-out above yearly highs at $0.47, has fallen below the support at $0.40. The Facebook Globalcoin announcement might have moved XRP hodlers as it potentially decreases the marketability of XRP in centralized payment space.
The price of XRP at 5: 20 hours UTC on 12th June 2019 is 0.395. It is trading at par on a daily scale.
The total market capitalization of the cryptocurrency market added more than $6 billion since the last day; it is $256 billion at press time with Bitcoin’s dominance at 55.3%.
Will the altcoins continue to rise, or dominant Bitcoin [BTC] will continue to drive the prices? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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