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XRP, Bitcoin Cash, and Bitcoin fall despite speculations for a significant rise

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The crypto market has been unstable for some time now, and as it seems, it is unpredictable. The total market cap of the crypto market has decreased by a slight percentage (stands at $194.30B currently). It was expected that the major players including XRP, Tron, Bitcoin Cash and the king itself (Bitcoin) could recover today, but the results have been inverse so far.

An in-depth look at what’s happening with Bitcoin and other cryptocurrencies right now

Last week the price of Bitcoin seemed oversold by the Williams %R – a technical oscillator that shows if a crypto asset is overbought or oversold.

Olga Kharif from Bloomberg stated that the Williams %R of BTC is moving above -83%. It is important to add that -83 to -100 indicates oversold. Even a Bitcoin rebound was speculated, lots of crypto experts say that the oversold state of Bitcoin shown by the Williams %R speculates that a rally could be upcoming which could shoot the price of Bitcoin up to the resistant level of $6900.

More importantly, lots of traders and investors were hoping this will happen, thus, making gains to be accumulated – but that hasn’t been the case.

For Bitcoin, it is rallying around $6330 at the moment. Its price has dropped from US$6,523.22 to $6,332 recording a decrease of 2.64% in the last 24 hours – even though the crypto-king was drastically oversold last week. This may be probably due to the market manipulation.

Bitcoin is still under the $8400 resistance level. The main catalyst for a sell-off at the first week of September was probably due to the cryptocurrency wallet that was dormant for four years, and then some Bitcoins were deposited into the same wallet.

Since the price of Bitcoin majorly affects other cryptocurrencies, its volume is a major concern to every crypto trader. It is also important to note that the volume of Bitcoin has dropped by a total of about 30% in 3 days. Also, at the time of writing, the 24-hour trading volume of Bitcoin is still under $3.8 Billion whereas it was $4 Billion last week.

Ethereum has dropped by a clear margin, too. Although, the current trend in the market hasn’t hit the cryptocurrency very much since Sept 11. At the beginning of this month, Ethereum was measuring an increase of 14-15% on its price. However, after the decrease in its price by 9.97% in last 24 hours only, Ethereum sits at $198 with a total market capitalization of $20,251,776,745.

Ripple’s XRP has also dipped on its value. The third largest cryptocurrency is currently down by -2.92% if we take its last 24 hours performance into account. At the time of writing, XRP is priced at $0.272. Its market capitalization is about $10.84 billion.

On the other hand, the fourth largest cryptocurrency, Bitcoin Cash, is currently down by 5.26%. At the time of writing, the price of Bitcoin Cash is $420.74 per token. Its market capitalization stands at $7,301,426,206.

Closing Words

The current market trend did not really hit some cryptocurrencies. However, it is essential to know that cryptocurrencies such as Ethereum, ICON, and DOGECOIN, made a bullish recovery last week.

Nonetheless, it is possible that in the short-term or until the end of this month, the crypto market will maintain its bearish momentum. The price of Bitcoin may still rally around $6500 to $7000 testing the $7000 price level, though.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by meredith hunter on Unsplash

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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