Cryptocurrency Market Changes Its Color and Altcoins are in the Red Following Bitcoin DeclineJune 6, 2019
The cryptocurrency market changes its color. In just a matter of hours, the market shed over $20 billion. The total market capitalization of digital assets in circulation was at $256 billion down from $276 billion.
Altcoins are rooted in the red following the decline in the Bitcoin price. The action of Bitcoin on the Bloody Monday has been showing signs of cooling off as the dominant coin has been correcting itself.
Earlier on Friday Bitcoin dumped nearly 10% in just a couple of hours and it has been recovering over again. On the weekend BTC went up higher than $8,800. Several investors felt safe than sorry as they were aware that a large drop might be imminent as the majority of the market thought that a price correction was due.
Bitcoin continues to be the biggest mover and shaker, whether of TCAT coins or any other cryptocurrency in the market. The Altcoins continue to track BTC.
Most of the small-cap Altcoins declined by 10%. Below the $8,000 price action, it is a bearish momentum and Bitcoin is already there now at $7,828.
Ethereum exhibited a short-term bearish momentum. It broke past the $252 support area versus the USD. The price has been trading at $230 level, and it has formed a new swing low at $233. A major bearish trend line has been forming with resistance near $246 on the hourly chart of the ETH/USD. The pair might either recover or decline again when progressing towards the $250 level.
There are several hurdles at the $244, 246, and $250 levels. A major bearish trend line is forming with resistance near $246 on the hourly chart of ETH/USD. The main resistance for the bulls is seen at the $250 level. If there is an upside break above the trend line, there might be a recovery towards the $255 and $260 levels.
The hashrate of Litecoin hits an all-time high. Franklyn Richard recently wrote, “What is perhaps more impressive is that despite the run-up, only Litecoin appears to be making new hashrate highs. Bitcoin is still trying to break higher but has dived back down with the recent retracement in price despite coming within touching distance.”
Boris Reznikov, in a Stellar Meet up in Berlin stated, “There should be no reason why in this day and age money doesn’t flow as seamlessly, quickly, and cheaply as email does.”