Overall Optimism in the Adoption of Bitcoin – No Improvement in Crypto App Adoption

By Maheen Hernandez July 2, 2019 Off

Bulls are trying to re-establish their control over the market, trying to recover from their weekend losses. Despite having been around for nearly a decade, cryptocurrencies have not captured a place in India.  Bitcoin, Ethereum, Ripple, and Litecoin are hovering in the top four places.

The market cap of Bitcoin is currently at $169 billion.  The bulls took the price away from the intraday low at $10,610 to the resistance point at $11,000.  It takes a sustainable move to ensure recovery at $11,500, which should be further coupled with the 4-hour Bollinger band.  In the recent 24 hours, BTC has been down by 9%.

Ethereum has a current market capitalization of $31.70 billion.  It was an aggressive sell-off with a loss of more than 7% on an everyday basis.  The price recovered from $286 in the intraday low.  The price is down below the critical resistance at $300.  This means that the bears are trending behind the wheel.

It was a functional recovery for XRP Ripple, and it was one of the best performing tokens on Monday. It has a market capitalization of $17.7 billion, and it gained more than 5% ever since the beginning of the day and is down 2% on an everyday basis.  The XRP/USD has been trading at $0.4118 during peak trading hours.

Litecoin recovered from the low at $120.89 and was trading at $124.30.  It has a market capitalization of $7.7 billion, which gained more than 2% since the beginning of Monday and has lost more than 5% in the past 24 hours.  This has been a sustainable move which crossed $130, and it is required to improve the overall technical picture.

There is an overall optimism in the adoption of Bitcoin. This optimism is sustained despite Bitcoin slumping and undoing the epic rally of the year.  This has amplified the recent trend where weekend moves were oversized.

When it comes to cryptocurrency apps, customers are not interested in downloading them on to their app.  Even in advanced countries like the US, several people are using their mobile apps to trade. It is therefore clear that the adoption of crypto is not happening at a break-neck pace.

Meanwhile, in the broader efforts to deal with money laundering, the Dutch ministers required that cryptocurrencies should be regulated to deal with money laundering in the country.  Despite all, the price drama in the cryptocurrency space, about 60% of Bitcoin has not moved in a year from where they are.