Bitcoin is currently showing some stability even if the overcoins of the entire market suffer a significant drop. This news should be a little encouraging for proponents of the cryptocurrency of the first order that has been in the wars like most of the market from the beginning of the year.
Bitcoin Retains $ 6,000
BTC sailed over the weekend maintaining its price rating of $ 6,000 and is currently trading above the $ 6,400 mark. At the time of printing, the number one cryptocurrency based on market capitalization increased by 0.57 percent in the last 24 hours.
Recently, CoinCorner co-founder said that BTC would remain stuck over $ 6,000 before rising to $ 15,000 at the back end of the year. With a mining cost estimated at $ 5,000, experts say the whales are reticent to allow the price to slip below that level. So, there should be an inflow of money once the price falls below $ 6,000.
In a tweet published Monday, eToro senior analyst Mati Greenspan highlighted the constant movement of Bitcoin prices over the last six months. According to Greenspan, the apparent stability of BTC is an indication that popular encryption is indeed a store of value.
Altcoin prices fall amid a $ 6 billion market decline
While Bitcoin is currently stable, the altcoin market is experiencing a significant withdrawal with many red tokens for the last period of 24-hour trading. All the first ten altcoins, with the exception of the stable currency – USDT, have all withdrawn in value.
At the head of the pack of losers is Ethereum, the second-floor crypt with a decline of 4.5%. Since it fell below $ 300 almost a week ago, Ethereum has not been able to sustain a sustained recovery. Each peak above the $ 300 mark was greeted with a quick withdrawal. At the time of printing, ETH was trading at $ 290.
Other noticeable losses for the first ten incidents include Bitcoin Cash – 3.56%, Cardano – 3.41% and IOTA – 3.36%. The market also declined, losing about $ 6 billion of total market capitalization in the last 24 hours.
This loss can be attributed to traders who choose to open more positions in token altcoin than Bitcoin. With the latter in a stable position, traders have perhaps tried to get quick gains from any increase in altcoin prices. However, with ETH in distress and other major altcoins showing limited impetus, not even the inflow of cash could trigger a surge.
Do you think the altcoin market will quickly recover from the pullback or will the entire cryptocurrency market enter another significant recession? Continue the conversation in the comments section below.
Image courtesy of Coinmarketcap and Coin360.