$5 Billion in Bitcoin in a Matter of Hours. Update on all Other Currencies.
Cryptocurrency: Over $5 billion entered the Bitcoin market in a matter of hours yesterday. The price of the leading cryptocurrency has been fluctuating for the whole month between $7,600 and $8,100. The highest reached point was at the beginning of the month when it was roughly equal to $8,500.
Compared to 2018, the Bitcoin price has been trending upwards so far. At the beginning of 2019, the beginning of the price was $3,700. The trade was sideways for a couple of months and started to increase around spring.
In May bitcoin managed to get up to almost $9,000. After a 140% increase, the market started to relax a little bit and dropped back to low $8,000s.
The reasoning behind the drastic surge is unknown. There are some speculations regarding buying pressure. As the global economy is toughening, people are investing in safe havens of the market.
Additionally, bitcoin has been gaining a lot of attention from traders due to Facebook’s new token, which will supposedly be released at the end of June. Though they are vastly different from each other, the competition is still high between the two. See more details about Facebook’s token here.
The surge can also be due to the timing. It has been observed that Bitcoin best performs in June.
Market Update on Other Crypto
As confusing as this Bitcoin development might be, all digital currencies saw a lot of green yesterday.
Ethereum dropped to the bottom of $225.9-$280 range. Bulls are attempting to get beyond $225. If successful then the ETH price will up to the top of $280 for several days. Today this upward slope seemed possible when ETH managed to get up to $250. Unfortunately, the chart turned bullish towards the end of the day and is currently trading at $239.
Ripple went up to $0.4 in the morning shocking most of the traders. Since June 9 Ripple broke out of the symmetrical triangle with a price goal of $0.267.The bulls are currently trying to push the price back into the triangle, and if they succeed l they will set up a bear trap. At the time of writing, Ripple is trading at a red $0.389.
Litecoin has been in an uptrend for some time now. The price is trying to break out of the resistance line. The breakout would carry the price towards the target of $158.91. If the bulls manage to push the price above the channel the escalation will last for a while.
Binance Coin has been in a major uptrend. The bulls have been buying on dips. Short-term traders have an opportunity to buy if the price sustains above $33 for four hours. At the time of writing it is trading at $31.226 with the highest of the day being $32.3. The downward trend seems will stick around for some time.
Stellar is still struggling to sustain the bounce from $0.115 support. The lack of demand is becoming apparent. The best positions seem to be long term for this token. Due to the high investments in bitcoin, the demand for stellar is quite low. The highest point of the day was $0.124, but it is back to $0.119 at the time of writing.
Over $5 Billion entered the Bitcoin market within hours. Additionally, all other cryptos have been seeing a lot of green. What is the future of each coin? Read more to find out.
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