Major Cryptocurrencies and Altcoins Moving In Synchronization with Overall MarketJuly 3, 2019
The market price trends have changed from bloody red to deep green. Bitcoin and several other Altcoins are showing gains ranging from 1% to 12%. The overall capitalization of all the digital currencies in circulation went down from $324 billion to $303 billion. The average trading volume went up from $98 billion to $86 billion on Tuesday. Bitcoin has bounced back to its market value.
The $11,000 was the critical level for Bitcoin, but the token sustained past the level and created an environment for further recovery.
Novogratz saw a lot of interest from technology companies from across the world and stated: “you are going to see some consolidation between $10,000 and $14,000 for a while before we hit the next stage higher.”
Ethereum gained more than 5% of its value with an existing market capitalization of $31.7 billion. The critical $300 level continues to be untouched. The ETH/USD has been changing hands for a value of $298. The market sentiments are improved in the cryptocurrency market. This means that the recovery might gather traction in the near future.
The price swings of Ethereum and Bitcoin were high over the past 24 hour period that investors were relieved as they were previously worried about how the price of Bitcoin might be heading over.
Novogratz stated, “I wish I’d sold more. There was too much energy in the market. I do not think I’m selling again in the next run-up to $14,000 per Bitcoin. My selling point is probably closer to $20,000, but I don’t expect that in the next few weeks. It will more likely be towards the middle to the end of the third quarter.”
XRP from Ripple went up by 2% with the market capitalization at $17.2 billion. XRP recovered from intraday lows of $0.3986. Litecoin has been touching $121, and it recovered from the low at $118.76. This is a 5% gain since Tuesday. The market is moving in synchronization with the overall market.
Delphi Digital notes have to state, “The recent parabolic price moves have given us an eerie flashback to 2017, albeit sentiment is not nearly as dramatic.”
Libra is considered by many to become an educative experience for many investors, which in turn is becoming a complimentary benefit for Bitcoin adoption.
Several small-cap Altcoins as well made a recovery and it gained more than 10%. In summary, the price of the Bitcoin is back in the positive zone, and it is expected for the price to go up during the coming sessions.