Bitcoin Struggling to Trade Above $8,000 Price Level
While the whole cryptocurrency community was expecting another major bull run, the price trend of Bitcoin (BTC) appears to be once again disappointing. However, the BTC’s rally has continued over the past few hours, and the rest of the digital assets have trailed in its stir. Some senior blockchain and crypto analysts have even started to predict a weighty bearish viewpoint.
Currently, the price of Bitcoin is still in the green at $7,948 (2.61%), after hitting and surpassing the $8000 level yesterday, the market cap (MC) for Bitcoin is at $141.111 billion with volume of $17.712 billion and dominance of 55.5%. The cryptocurrency market cap for more than 2220 digital assets, is at $254.036 billion, making a loss of around $6 bln after falling from $260.5 bln MC of June 7, and the entire market has a volume of $61.94 billion.
Bitcoin will likely gain in value in the coming 24 hours to go back above the $8k cap, but it could also keep falling downhill in the upcoming weeks.
A crypto trader known as SatoshiFlipper posted a
chart on twitter showing a major plunge towards $7400 to happen within the next few hours, but this correction was described as “healthy” and encourages traders to continue trading Bitcoin and other stablecoin to avoid any major losses.
Regardless of the negative attitude in the market, few crypto traders have wanted to see the start of the bullish rally in the market. CEO Euro Pacific Capital Peter Schiff revealed that this is a fake rally in a bear market, the over-all accord in the market appears to be that Bitcoin will sooner or later turn bullish once more after a retracement, with a greater justifiable gains surging towards $10,000, but this could go in for round a full year, and eventually, there will be a momentous rally.
ETH/USD and XRP/USD
Meanwhile, the Ethereum price is standing at $246 (4%) with a MC of $26.26 bln, and a daily trading volume of $7.45 bln. The price of Ripple is also in green changing hands at around $0.395812 (1.27%), with a cap of $16.72 bln and 24-hour volume of $1.43 bln, according to data from coinmarketcap.
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