Bitcoin [BTC] bulls and bears have engaged themselves in a stiff competition. The price has fallen below $7500 a couple of times; however, it rose back up to lest $8000 level every time. Currently, Bitcoin is holding onto near $7950.
The price of Bitcoin [BTC] at 15: 00 hours UTC on 7th June 2019 is $7979. It is trading 3.32% higher on a daily scale.
The dominance of Bitcoin [BTC] is intact above the 55% range. The total market capitalization of cryptocurrencies also gained over $5 billion as the total Mcap at the time of writing was $255.9 billion.
Litecoin [LTC] Overtakes Bitcoin Cash [BCH]
Litecoin [LTC] placed Bitcoin Cash [BCH] to take the fourth spot according to total market capitalization. Litecoin recorded 11.55% on a daily scale. The price of Litecoin [LTC] at 12.32% hours UTC on 7th June 2019 is $115.
Bitcoin Cash [BCH] and Ethereum [ETH] also traded in the green on a daily scale; the price still near support at $400 and $250 respectively.
XRP Holds Bullish Momentum
XRP traded in a bullish range as it held its gains above $0.4. The price of XRP at 15: 00 hours UTC on 7th May 2019 is $0.42.
Stellar [XLM] also gained over 2% on Bitcoin [BTC] to breach the 0.00016 BTC mark. The price of XLM is $0.125.
Almost all the altcoins other altcoins traded in the green, the confidence in the market strengthened as well after the Bitcoin [BTC] reached $8000 mark. EOS [BNB] and Binance Coin [BNB] held their position in the top ten cryptocurrencies by market capitalization with the price of around $6.5 and 31$ respectively.
Do you think that the market will continue its bullish momentum or further pullback is on the cards? Please share your views with us.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.