Bitcoin Price Remains Stable Despite $6 Billion Cryptocurrency Market Slump
Bitcoin is currently showing some stability even as altcoins across the market experience some significant decline. This news should come as a bit of encouragement for supporters of top-ranked cryptocurrency which has been in the wars like most of the market since the start of the year.
Bitcoin Maintains Mid-$6,000
BTC navigated the weekend maintaining its mid-$6,000 price valuation and is currently trading above the $6,400 mark. As at press time, the number one cryptocurrency based on market capitalization was up by a marginal 0.57 percent in the last 24 hours.
Recently, CoinCorner co-founder declared that BTC would hold steady above $6,000 before surging to $15,000 at the backend of the year. With mining cost believed to be $5,000, experts opine that whales are reticent to allow the price to slip below that level. Thus, there should be an influx of money once the price drops lower than $6,000.
In a tweet posted on Monday, eToro senior analyst Mati Greenspan highlighted the steady price movement of Bitcoin in the past six months. According to Greenspan, BTC’s apparent stability is an indication that the popular crypto is indeed a store of value.
Altcoin Prices Declines Amidst $6 Billion Market Drop
While Bitcoin is currently holding steady, the altcoin market is experiencing a significant pullback with many tokens in the red for the last 24-hour trading period. All of the top ten altcoins, except for the stable coin – USDT, have all receded in value.
Leading the losers pack is Ethereum, the second-ranked crypto with a drop of 4.5 percent. Since falling below $300 almost a week ago, Ethereum has been unable to mount a sustained recovery. Every surge above the $300 mark been met with a swift pullback. At press time, ETH was trading at $290.
Other notable top ten altcoin losses include Bitcoin Cash – 3.56 percent, Cardano – 3.41 percent, and IOTA – 3.36 percent. The market has also declined, losing about $6 billion in total market capitalization over the last 24 hours.
This loss can be attributed to traders electing to open more positions in altcoin tokens as against Bitcoin. With the latter holding steady, traders perhaps sought to make quick earnings from any altcoin price surges. However, with ETH struggling and other major altcoins showing limited momentum, not even the influx of cash could spark an altcoin surge.
Do you think the altcoin market will quickly recover from the pullback or will the entire cryptocurrency market enter another significant bearish downturn? Keep the conversation going in the comment section below.
Image courtesy of Coinmarketcap and Coin360.