Bitcoin has had the wildest price swings in June out of all cryptocurrencies with the market cap of above $4 billion.
According a report by The Block, Bitcoin has reached an annualized volatility of 102% in June, trailed by Litecoin (~98%) and EOS (~97%). The least volatile major cryptocurrency has been BNB with 76%, followed by XRP with 82%.
On top of being the most volatile, Bitcoin has also been the best performing major cryptocurrency in June; with a 30% increase. The worst performing major cryptocurrency was TRON with an 11% price decrease in June.
On Monday, July 1, BTC led major cryptocurrencies on a fresh downward spiral after markets halted support above $12,000.
Conditions remain volatile this week, with last week’s peak of $13,800 still unchallenged. Now, attention is turning to a long-term retracement, with some analysts claiming it could bring BTC/USD down to $6,600.
12/ I did a simple forecast of where it could be heading by plotting the multiples over time. As of now, the most likely retracement range is $6.6k – $8.5k. I know, this is a pretty nasty retracement, however, this was still a “natural” retracement in 2012 as it was in 2017
— CryptoKea (@CryptoKea) July 1, 2019
Previously, talk was of a lighter correction which would focus on the $9,500 area. Bullish forecasts for further growth also began appearing, with Fundstrat’s Tom Lee leading calls for a new all-time bitcoin price high in 2019.
Now, however, it would appear various factors have converged to put downward pressure on Bitcoin. Among them, data shows the supply of Tether (USDT) has doubled this year; increased Tether issuance tends to result in both Bitcoin price gains and volatility.
At press time, Bitcoin is changing hands at levels slightly above $11,000.
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