A massive bullish run in Bitcoin drove the total crypto market cap to 380 billion US Dollars. The market soon corrected itself to a market cap of 325 billion. Bitcoin marched towards 14 thousand dollars mark before seeing a correction to a more reserved level of 12 thousand, which still is a booming number when compared to the low of 3100 the giant cryptocurrency saw just six months ago.
Various alt-coins also stress-tested some upper boundaries with a heavy emphasis on Binance Coin, Litecoin and Bitcoin Cash. These three, in particular, have been having beautiful days with regards to their prices but also suffered a little from being overvalued and were hit with corrections by the market.
The critical question in the market today is whether the recent rise of Bitcoin will be any different from the highs it reached in December 2017, which saw a quick increase to over 17 thousand dollars – and then a crash in the price that lead to a crypto winter lasting more than a year. Many of the more bullish traders think that the fundamentals of Bitcoin are stronger than ever before, and will continue to rise despite warning from December 2017.
Bitcoin Cash spiked at $510 but settled much lower
Bitcoin Cash jumped between $480 and $500 levels before spiking to $510 in a sudden burst of trading. A correction followed this to $460, which many thought would be the new low level. However, this was not to be, and BCH dropped even further to $420 before regaining some momentum and climbing back to the $430 level where it currently stands.
The consensus on the market is that Bitcoin Cash will return to a support level of $460 soon enough, but a minority view holds that the support level could be as low as $420.
Binance’s BNB pushes towards $40 but fails to hit the target, returns to sub $35 levels
Binance Coin has been pushing the $40 resistance level for quite some time, came closest on the 22nd of June and with traders are still keeping it close to that level. Today morning’s movements hit the coin hard and made it go down by almost 11% for the day sitting at $33. But it didn’t take long before a rally brought it back up to the $34 support level with the general stability today showing that the bulls might have bitten off a bit more than they can chew.
Litecoin down 13% for the day
Litecoin started the day strongly with a good support level of $130 that it has kept for a while now, but the market seems to have lost some of its appetite for the coin – and it has lost quite a bit of value as the day stands now.
LTC reached a localized low of $114, but has been pushed back up to $118 and seems to be on an upward trajectory for the rest of the day now.
More probably, the good news that has come out of the Liteocin camp this year should stop it from being affected too much by the general market sentiment.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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