Bitcoin Toys with Upper-Mid $10,000s Level, Altcoins Even Lower But One CryptoAsset is the Winner of All

  • Today Bitcoin price ranges from $10,813 to 12,300 while real 10 trading volume is stuck at $4.87 billion for the past two days
  • Monthly close still looking good, but we could still retrace to $9,500 in coming weeks: says analyst Josh Rager
  • Whether it is about past 7 days return (110%), 30 days return (290%), YTD (633%) or the yearly return (1213%), one cryptocurrency takes it all

Since May, the weekends have registered activity and accounted for about 40 percent of the rise in Bitcoin’s value.

However, this time, Bitcoin has rather taken a turn to the south instead of north. Today, Bitcoin dropped below $11k to $10,813 on Bitstamp but has now recovered to $11,228 with 24 hours loss of 5.95%.

Bitcoin takes a tumble and drops below $11k yet again, Source: TradingView

What’s interesting is the trading volume managed by the world’s top cryptocurrency whose market cap tops $200 billion. For the past two days, the total volume traded on ten exchanges with real volume is stuck at $4.87 billion.

Talking about Bitcoin update, crypto analyst, Don Alt says, the price structure looks “a little worse” and besides that nothing has changed.

Further commenting on the breakdown, he said the only thing to do now is to just wait adding, “If I see absorption come in near the green level I'll make further plans.”

With the price breaking below $11,500, crypto trader and investor Josh Rager says, we need to keep an eye on the $9,500 area. He is looking to see Bitcoin regain momentum and close above this level by weekly close tonight.

“Monthly close is looking good, strong month of June but BTC still has ability to retrace to $9,500 in coming weeks.”

Altcoins: The Red Sea

As Bitcoin sees red, altcoins go even redder. Top cryptocurrencies are down by up to 11 percent. This has the total market cap coming down to $325 billion from today’s high of $347 billion, losing $22 billion in the process.

As BTC goes down, altcoins fall even harder Source: Coin360

There is not a single cryptocurrency in the green among the top 40 digital assets except for two, both of which are stablecoin.

Taking a long term view, despite being in the losses by over 10%, Chainlink has made it to the 15th spot having topped the billion dollar market cap. Just at the start of this month, LINK was at 29th place and at the beginning of this year, it was at the 39th spot.

Whether it is about past 7 days return (110%), 30 days return (290%), YTD (633%) or the yearly return (1213%), LINK is the clear and sole winner.

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