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Crypto-Market Update: Bitcoin [BTC] Re-tests $11200, As Alts XRP, ETH, LTC Await Bull Season

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Bitcoin [BTC] price made a swift correction of nearly $700 after recording yearly highs near $11,250. It rose back above $11,000 again as the bullish continue to strengthen around it. The total market capitalization of Bitcoin is close to $200 billion.

The price of Bitcoin [BTC] at 5: 00 hours UTC on 25th June 2019 is $11,240. It is trading 4.4% higher on a daily scale.

BTCUSD
BTC/USD 4-Hour chart on Bitstamp (TradingView)

During Q1 of 2019, the market dominance of Bitcoin was close to 50%. The investment in altcoins was possibly in anticipation of an altcoin bull run similar to 2017. However, the developments in Q2 with stablecoins and institutional investors have driven the altcoins into the shadows. While slight gains have been recorded on altcoins w.r, t US dollar, they continue to lose value to Bitcoin.

Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]

Ethereum [ETH] broke above the $300 during the recent bullish run of Bitcoin [BTC]. Moreover, while other cryptocurrencies like Litecoin lost close to 20% of value w.r.t Bitcoin [BTC], ETH is down around 10%.

ETHUSD
ETH/USD 4-Hour Chart on Bitstamp (TradingView)

Bitcoin [BTC] also showed positive momentum as it broke above $500. However, the move was soon corrected as the price is looking to find support near $480.

BCHUSD
BCH/USD 4-Hour Chart on Bitstamp (TradingView)

Litecoin rose about 50% during the beginning of the month due to halving speculations reaching a high of $140. Nevertheless, bullish BTC seems to be causing a shift in the belief of altcoin ‘hodlers‘.

XRP Testing 0.000042 BTC

While XRP continues to find support at the 0.47 level, the bull run in Bitcoin and stablecoin development in the market has put a lot of pressure of XRP. XRP has lot nearly 16% value with respect to Bitcoin since the beginning of the month.

ripple xrp
XRP/BTC 4-Hour Chart on Bitstamp (TtadingView)

Binance [BNB] Coin Hold Above $36

Binance [BNB] Coin has been one of the top gainers of the cryptocurrency market this year. The exchange backed token has seen an unprecedented rise this year with the increase of Binance Exchange and other associated product.

The price of Binance at 5: 00 hours UTC on 25th June 2019 is $36.9. It is trading at par on a daily scale.

Tron [TRX] and Monero [XMR] have also gained considerably, along with Bitcoin over the past few weeks. The price of TRX and XMR at 5: 00 Hours UTC on 25th May 2019 is $0.038 and $116. They are trading 1.5% higher on a daily scale.

The total market capitalization of altcoins has increased by about $15 billion since the beginning of the month. Many altcoins have gained slightly w.r.t. US Dollar. While the stability is somewhat reassuring, the rise is Bitcoin dominance is also creating FUD among altcoin holders. MoonOver Lord, anonymous crypto-analyst tweeted,

“The altcoin sentiment feels eerily similar to mid to late 2017 Bitcoin just went up and up and $ALTS got smoked Then all of the sudden WHAM, a few alts lead the way and they started going 50, 100X out of nowhere I suspect this time will be no different, you won’t get a warning.”

On the other hand, many analysts also see this as an end to the altcoin market and the cryptocurrency bubble. Tone Vays, a Derivatives Trader and hedge fund manager, noted earlier that Bitcoin’s dominance could increase to about 90% in the future.

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Altcoins In Danger As Crypto Markets Face The Bears

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A few months ago, something nice happened. Bitcoin “woke up” and dragged the whole market out of the crypto winter. However, it now seems that Altcoins are really not ready for the bullish move.

The cryptos have spent the last few months tripping up and down the market charts. However, Bitcoin has remained strong on the push to the upper price levels, albeit with a few setbacks here and there. Still, a recent drawback from the high of over $13k isn’t exactly what most people expected.

Altcoins In Danger As Crypto Markets Face The Bears
Market Heatmap Via Coin360.com

It’s Not Their Season 

When the crypto winter ended, Altcoins seemed to surge fast, and a lot of people had the impression that 2019 may turn out to be the long-awaited Altcoin season (Alt Szn).

However, the current market developments suggest otherwise, although it’s still possible for the Altcoins to bump back into strong price action if they can get a push before the end of 2019. 

Bitcoin’s Dominance Increasing

Over the last one week, Altcoin prices have been on the downward move, with XRP, ETH, LTC, EOS and others losing by significant percentages. Over the same period, Bitcoin’s hash rate went up by 12%, suggesting that the top coin wasn’t in league with the Altcoin’s fall. However, in terms of price, Bitcoin has also been hit a little. 

However, one thing is clear: Bitcoin is doing much better than Altcoins. At the moment, BTC’s market dominance stands at 69.8%, with a total market cap of $210.9 billion and a 24-hour trading volume clocking $18.9 billion.

Interestingly, the current total market capitalization for the entire crypto market hangs at around $302 billion. That gives a strong perspective of just how dominant Bitcoin is right now. 

The Case Of Ethereum

Evidently, most of the Altcoins have a huge hit over the last few days, but Ethereum has been far more resilient than other altcoins as it hasn’t swayed a lot. At the time of this writing, ETH trades at around $212 with just a $1.98% decrease.

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Crypto market turns red after short-lived recovery

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  • Bitcoin and major altcoins are range-bound with bearish bias during early Asian hours. 
  • Bitcoin fails to break above local resistance.

The cryptocurrency market has turned into red again the upside momentum of the previous day proved to be unsustainable. UNUS SED LEO (LEO) is the only altcoin in green out of top-20. The coin has gained 1.3% in recent 24 hours to trade at $1.31 at the time of writing. The coin takes the 14th place in the global cryptocurrency rating with the current market value of $1.3 billion.  

The total capitalization of all digital assets in circulation slipped to $286 billion. The total trading volume settled at $45 billion, while Bitcoin’s market share has grown to 66.6%.

Top-4 coins price overview

Bitcoin (BTC/USD) has recovered from the intraday low of $10,564 to trade at $10,750 by the time of writing. The first digital asset has lost 1.2% of its value in the recent 24 hours. The price of the first digital coin attempted a move above $10,900 handle, but then the upside momentum failed to gain traction. The strong support awaits us on approach to $10,600 (SMA50 (Simple Moving Average) daily and 38.2% Fibo retracement monthly).

Ethereum, the second-largest digital asset with the current market capitalization of $23.4 billion, is down 1.9% on a day-on-day basis. ETH/USD has settled below $220.00, off the intraday high of $223.48. The resistance created on approach to $223.50 has stopped ETH recovery twice in recent two days. At the time of writing, ETH/USD is changing hands at $219.17

Ripple’s XRP is still paralyzed insight the tight range of $0.3100-$0.3200. The third-largest coin with the current market capitalization of $13.4 billion, has drifted from the intraday high of $0.3170 to trade at $0.3140 at the time of writing. XRP/USD movements have been limited by the above-said range since the beginning of the week.

Litecoin has lost over 3% of its value in recent 24 hours. The coin now takes fifth place in the global cryptocurrency market rating with the current value of $5.7 billion. LTC/USD is changing hands at $91.80, off the intraday high registered at $94.81.

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Cryptocurrency Market Update: Is XRP A Match For Bitcoin (BTC) When It Comes To Return On Investment?

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The digital currency space is highly competitive. Every digital currency wants a spot among the top cryptos in the market. Digital asset investors are also on one side looking for the best cryptocurrency to invest in. while the best cryptocurrency to invest in 2019 has been the search of many digital asset investors, many digital currencies out there are proving to be a great investment option. So far this year, there has been a significant change in the prices of cryptos in the market. Some digital currencies have amassed gains of more than 500 percent this year.

However, there seems to be only one king in the digital currency space and that is Bitcoin (BTC). Bitcoin (BTC) has been holding the number one spot on the list of top cryptos since the market emerged. However, there are a lot of altcoins that are now competing with Bitcoin (BTC) in terms of return on investment. One digital currency that has recorded a considerable return on investment since its emergence is XRP (XRP). XRP is the third-largest digital currency by market cap.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice
Bitcoin$10,717.001.62%

The price trend of XRP over the past years have been pretty impressive, and many digital asset investors consider it as one of the best cryptocurrency to invest in 2019. Nevertheless, the recent price trend in the market not been favorable to the altcoin market, and only Bitcoin (BTC) is currently proving its dominance.

Bitcoin (BTC) Is Heading for $11k Proving It’s the King of Cryptos – Cryptocurrency News Today – Best Cryptocurrency to Invest in 2019 – Cryptocurrency market Update

Bitcoin (BTC) is the most dominant digital currency in the crypto market. At the time of writing, the dominance of Bitcoin (BTC) is at 66 percent according to CoinMarketCap. Bitcoin has been tagged the king of cryptos for about a decade. Recently, Lex Kruger – a digital currency analyst and economist – tweeted that a lot of altcoins have “become asymmetric bets with an unattractive return profile.”

Besides the massive bull run by altcoins from February to early April this year, that saw some altcoins surge by about 500%, the performance of altcoins against Bitcoin since April has been very poor. According to data released by Coin Metric last week, in the month of July, the prices of most altcoins in the market plunged by more than 40 percent. This massive plunge came as a result of Bitcoin (BTC) dropping by just 2 percent at the time the report was released.

According to the report, the price of EOS plunged by 44 percent. COSMOS – which is another top performing altcoin – dropped by 41 percent. The price of Cardano (ADA) – the 12th largest cryptocurrency by market cap – dropped by 37 percent. Tezos and Vechain were down by 6 percent and 10 percent respectively.

Bitcoin (BTC) Is Recovering, Leaving Altcoins Behind – Best Cryptocurrency to Invest in 2019 – Cryptocurrency News Today – Cryptocurrency Market Update

Among the top ten cryptos in the market, Bitcoin (BTC) is the highest gainer over the past day. The price of Bitcoin (BTC) is up by more than four percent over the past twenty-four hours while other coins are struggling to break out of their range-bound. The only altcoin among the top ten that is also trading in the green is Bitcoin Cash (BCH). Bitcoin is currently trading at $10,828 and its market cap has risen to $198.34 billion.

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