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.
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%.
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.
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
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.
Crypto markets up across the board (but not by much)
In the wild, wild world of crypto, any week that goes by with nothing crashing leads investors to breathe a sigh of relief.
When markets go nowhere, they count their blessings.
And when sectors rise across the board, as they did this week, it’s even better. (Even if the increase is minor.)
Our broadest measure of the crypto marketplace, our Weiss 50 Crypto Index (W50), rose 4.82% on the week. More importantly, it did this by bouncing off key support earlier in the week.
Bitcoin outperformed and was responsible for about half of that rally. We know because our Weiss 50 Crypto ex-BTC Index (W50X), which excludes Bitcoin, was up only half as much — 2.38% on the week:
But again, the good news this week was
The Weiss Large-Cap Crypto Index (WLC) was up 5.17%, outperforming the Weiss 50 by a hair …
The Weiss Small-Cap Crypto Index (WSC) was up 4.06%, underperforming by a hair, and …
The Weiss Mid-Cap Crypto Index (WMC) was only up only 2.10%.
The broad consistency across all sectors is somewhat encouraging. Also encouraging is the fact that the entire sector is consolidating just above key support levels. (On Bitcoin, those levels roughly correspond to the $7,200 level.)
We’re watching those levels very, very carefully on all of the Weiss Crypto Price Indexes.
If they break below, it would signal more downside.
But if they can continue to hold and manage a nice rally, it would augur for a relatively strong start in the new year.
Top Crypto Markets Rebound Despite Binance Maintenance
Today is another day on which Binance will go down for scheduled maintenance. Normally, this isn’t a problem, but the current market turmoil may yield a different result.
Binance is still the world’s largest cryptocurrency trading platform on the market today.
THE UNPREDICTABILITY OF BINANCE MAINTENANCE
Whenever this platform goes down for several hours, the markets may undergo significant changes.
Particularly for alternative currencies, this could spell trouble today, after what can only be described as a brutal weekend.
This latest maintenance period was well-communicated by the company ahead of time.
Even so, a lot of enthusiasts often remain unaware of what is effectively going on behind the scenes.
Binance has recently gotten caught up in some fake news regarding the Chinese government.
As part of the upgrade, it seems nothing major will change.
Binance will keep optimizing the performance of its matching engine, but that is a standard practice.
It will be very interesting to see how this downtime affects Bitcoin and the top altcoins.
More often than not, a maintenance by Biancne triggers some odd trading behavior across other exchanges.
Given how all markets have noted big losses recently, one can only hope the momentum reverses again.
It seems some of that momentum reversal is already becoming apparent across the top markets.
Only time will tell if any of it can be sustained for more than a few hours on end.
Bitcoin And Crypto Market Crashing: BCH, LTC, EOS, ADA Analysis
- The total crypto market cap is down more than $25.0B and it tested the $175.0B support.
- Bitcoin price is now trading well below the $7,000 level, with a bearish angle.
- Litecoin (LTC) price is down more than 8% and it even traded below the $45.00 support.
- BCH price is now trading below the main $200 support area.
- EOS price is down 10% and it is now approaching the $2.250 support zone.
- Cardano (ADA) price is under a lot of pressure and it is trading below the $0.0350 support.
The crypto market cap and bitcoin are down significantly. Ethereum (ETH), ripple, litecoin, BCH, EOS, tron (TRX), and ADA are declining heavily.
Bitcoin Cash Price Analysis
In the past few days, bitcoin cash price started a sharp decline below the $265 support against the US Dollar. BCH tumbled below many supports near $250 and $235 to move into a bearish zone. Moreover, there was a break below the $210 support and the price is now trading below the $200 support level.
The next immediate support is near the $185 level, where the bulls may emerge. On the upside, the previous supports near $210 and $215 are likely to act as hurdles in the near term.
Litecoin (LTC), EOS and Stellar (XLM) Price Analysis
Litecoin price is down sharply and it settled below the $50.00 support. LTC price even broke the $45.00 support area and it is now approaching the $42.00 support area. If there are more losses, the next support is seen near the $40.00 level. On the upside, an initial resistance is near the $45.50 and $46.20 levels.
EOS price is down close to 10% and it broke many supports near the $2.500 level. The price is now trading near the $2.350 support and it could continue to move down towards the $2.250 level. On the upside, there are many hurdles for a recovery near the $2.500 and $2.550 levels.
Cardano price is tumbling and now trading well below the key $0.0500 and $0.0450 support levels. ADA price is trading below the $0.0350 support and it is approaching the $0.0320 support. Any further losses might call for a test of the $0.0305 level.
Crypto Market Cap
Looking at the total cryptocurrency market cap hourly chart, there was a nasty decline below the $220.0B support area. The crypto market cap even broke the $200.0B support area and declined more than $40.0B. It tested the $175.0B and it seems like it could even test the $164.0B support area.
Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the coming sessions.