The struggle between the bulls and the bears is apparently behind us as Bitcoin has quickly climbed above $9100 after a pullback. The tussle that the market now faces is between altcoins and Bitcoins. While Facebook’s cryptocurrency launch restores the regulatory faith around cryptocurrencies, the spotlight that Bitcoin has been gaining from institutional investors stands out in the crowd.
Bitcoin [BTC] has risen past $9000 again as the break towards $10000 seems highly probable. At the beginning of last week, its price was looking to break bearish below $7000. However, the asset has continued to rise as institutional interest in Bitcoin has been on the rise.
Opening Price: $7901
Closing Price: $9083
The weekly Loss: 14.9%
Weekly High/Low: $9388/$7516
Ethereum Foundation researcher Justin Drake recently announced a tentative date for the release of the much anticipated Ethereum 2.0 Blockchain platform. According to him, the launch can be expected on January 3, 2020.
Opening Price: $235
Closing Price: $269
The weekly Loss: 14.4%
Weekly High/Low: $278/$227
Litecoin gained impressively at the beginning of the week as the speculation before the halving on August 7, 2019, reached its zenith. The price looked to break above $150; however, the profitability of mining suggested that halving is not likely to need the increase in price.
Moreover, the increasing FOMO in Bitcoin has the potential to shadow the gains in the altcoins.
Opening Price: $117
Closing Price: $135
The weekly gains 15.3%:
Weekly High/Low: $144/$112
Cardano’s traders looked somewhat uncertain this week. Nevertheless, it sought to break above the resistance above $0.1 again.
Opening Price: $0.078
Closing Price: $0.091
The weekly gains 16.6%:
Weekly High/Low: $0.099/$0.077
NEO looked highly bullish as it broke above the resistance at $13.5. It is one of the more popular platforms for smart contracts and dapps in China than Ethereum.
Opening Price: $11.6
Closing Price: $14.1
The weekly gains 21.5%:
Weekly High/Low: $14.8/$11.2
The increases in Bitcoin [BTC] initially put pressure on altcoins as they lost value in terms of Bitcoin [BTC]. XRP is trading 8% lower concerning Bitcoin since the beginning of the week. The pressure on XRP can also be attributed to Facebook’s cryptocurrency announcement.
Nevertheless, the increasing market capitalization is having a positive effect on the price of altcoins as well. The total market capitalization of cryptocurrency markets is $282 billion. The percentage dominance of Bitcoin increased from 55.3% to 57.2% in the last week.
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.5 billion is 0.23%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $0.5 billion or more. For future analysis, we’ll try to maintain 0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 16th June 2019.
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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