Crypto: Bitcoin and Litecoin Analysis. Rivals or Allies?
Cryptocurrency has been giving everyone a headache in the past several weeks. Most of the digital currencies are seeing green daily, especially Bitcoin and Litecoin.
Last night bitcoin breached $8,100 which it has been hovering for several days now. The highest point was $8,323.260 at around 11:00 PM. The price did not stay there for a while. Only in several minutes, it dropped down to $8,288.670 only to rise back up.
Around 11:30 PM, bitcoin started to drop and did not stop for several hours. There were some points when it showed potential, lasting for several minutes.
So far, Bitcoin is hovering between $8,100-8,300. The lowest point of the day was $8,184.810 so far. Bitcoin’s behavior in the past month reminded us of 2015 when the bullish market set-off began. Candlestick chart analyses show us a bullish crossover, indicating a strong bull market momentum though it is hard to say with bitcoin since this data is usually derived from the history of the element.
Since bitcoin is one of the most unpredictable trading tools on the market, basing the future on its history is dubious. But if this happens to be accurate, we might witness real history happen. Bitcoin will be able to repeat the 2017 high within the next two years. It is assumed to be able to reach somewhere between $60,000-400,000 before an 85% drop.
As discussed, it is hard to say what indeed manipulates bitcoin’s price changes. Unlike other kinds of trading
instruments, crypto does not seem to receive influence from external factors.
We consider the fluctuation and rising prices happening due to the new rivals for the king of crypto. Besides from Facebook’s new digital token, Litecoin has been doing exceptionally well in the market.
Litecoin vs. Bitcoin
Litecoin might be the hottest digital currency in 2019. It managed to rise 330% this year, becoming the center of attention among all other cryptos.
At the beginning of the year, Litecoin was trading at $32.120 and kept trading linear for several months until the spring. April 1st became the changing point for Litecoin when it managed to rise into $85.580 in several days. Was it an April fool’s joke? It is hard to say. Though the fact that Litecoin is trading at $129.010 at the time of writing is shocking.
This type of activity is quite standard within the crypto market. Whenever a price rises for one, another one follows. Last night at around 11:00 PM, Litecoin managed to hit its highest point in a very long time. Though it can’t compare to late 2017 or March 2018, the 330% rise in several months is astounding.
In the past couple of hours, the price of this token has been jumping between $128-130. Most of the activity has been bullish. Though judging from bitcoin, we can assume it will bounce back up at towards the night.
It is hard to say what the future of the crypto market holds. New regulations will be released on June 21st, which might completely change the market. Many investors are expected to leave, though even more will most likely join.
Cryptocurrency has been giving everyone a headache in the past several weeks. Most of the digital currencies are seeing green daily, especially Bitcoin and Litecoin. We consider the fluctuation and rising prices happening due to the new rivals for the king of crypto. Besides from Facebook’s new digital token, Litecoin has been doing extremely well in the market.
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