Bitcoin Value Gradually Overcomes Red Zone, Six Consecutive Days?
Since July 14, 2018, many cryptocurrency investors were quick to notice Bitcoin’s rise from the usual red zones. June of this year has been the roughest on the giant digital asset, as it experienced a drop in value after a very long time. A post made by MarketWatch assessed this greening trend while considering expert opinions.
A Bitcoin chart obtained from TradingView, a social network platform designed to offer analytical charts, depicts a continuous six-day growth for Bitcoin; adding the fact that an additional day would be it a first since over a month ago.
Many have been questioning the sudden rise in prices, as such signs normally bring one’s hopes up and result in nothing more than another rollercoaster ride. Currency converter, Oanda’s Senior Market Analyst, Craig Erlam shared that he remains neutral about the growth, as it may be a “small corrective move with longer-term momentum very much against it.”
He also added the fact that $10,000 is a safe mark, which might represent positive news, however, he does not strongly believe that it will happen any time soon.
As for Bitcoin’s presence within the crypto market, it has been revealed that the leader of all cryptos has gotten to a three-month high of 45 percent. As per CoinMarketCap, the value of BTC against the U.S Dollar has grown by a slight 1.17% with its price sitting at about $7,499.00 at the time of writing.
Unfortunately, the same growth was not witnessed for several of the altcoins, as the majority of them sit in the red zone. For instance, ethereum (ETH) has dropped in value by 1.80% followed by Ripple’s (XRP) 3.96%, Bitcoin Cash’s (BCH) 2.91%, EOS’ 1.50%, and so on. This clearly shows that Bitcoin is traveling in the opposite direction of the rest of the market. Could this be a good sign for the crypto market?