Connect with us

Analysis

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC hits $8,000 as LTC follows it on bullish course

Avatar

Published

on

Source: Unsplash

The cryptocurrency market rallied strongly, surpassing a market cap of over $239 billion. During the early hours of May 14, Bitcoin rallied beyond $8,000 briefly. A bullish spree was later exhibited by altcoins on the back of BTC’s surge.

1-day BTC chart

The largest cryptocurrency by market cap, Bitcoin [BTC], rallied by 13.06% over the last 24 hours and was trading at $ 8,108 at press time. The king coin held a market cap of $143.5 billion and registered a 24-hour trading volume of $32.3 billion.

Source: TradingView

The one-day BTC chart registered a significant uptrend from $4,143 to $5,148 and another uptrend from $5,148 to $5,744, following market correction. No significant downtrend was observed for the above chart. Bitcoin found its support at $5,018.

Bollinger Bands: The diverging mouth of the bands indicated high price volatility for Bitcoin’s price.

Awesome Oscillator: The closing bars of the indicator were green, suggesting bullish activity for the coin.

Chaikin Money Flow: The CMF was above the zero-line, indicating that money was flowing into the coin market. Hence, a bullish price pattern for the crypto-asset was recorded.

1-day LTC chart

The fifth largest crypto-asset on CoinMarketCap, Litecoin [LTC], held a market cap of $5.63 billion. The silver coin surged by 5.14% over the past 24 hours after the massive bull run and was trading at $91.24, at press time. Additionally, the coin recorded a trading volume of $5.90 billion over the last 24 hours.

Source: TradingView

The one-day Litecoin [LTC] chart registered an uptrend from $32.86 to $66.76 and another uptrend from $66.76 to $73.80. A downtrend from $55.96 to $33.80 was also observed. The coin’s price juggled between the range of $85-$91.

The immediate support for the coin stood at $45.04.

Parabolic SAR: The dotted markers were below the candles, suggesting a bullish trend for the silver coin

MACD: The MACD line was above the signal line, indicating the coin following a bullish course

Klinger Oscillator: The KO indicator also projected a bullish price pattern for Litecoin



Conclusion

Bitcoin was firmly bullish and highly volatile. Hence, the coin was expected to spike above $8,000, at press time. Similarly, Litecoin was also firmly on a bullish course.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

News

Bitcoin [BTC] to USDT market share falls for the first time in 6 months post-Bitfinex fiasco

Avatar

Published

on

Bitcoin [BTC] to USDT market share declines for the first time in 6 months post-Bitfinex fiasco
Source: Pixabay

After the Bitfinex-Tether fiasco rocked the cryptocurrency market late last month, the trading volume of Bitcoin to the top stablecoin dipped slightly. However, given the larger picture, it held firm. In light of the collective market upheaval, BTC-USDT trading volume rose by over $1.2 million.

The same was pointed out by CryptoCompare’s exchange review for the month of April, which also detailed Bitcoin trading in fiat and stablecoins. Tether [USDT] topped the list, followed by the top fiat currency, the US Dollar [USD], with the three prominent fiat currencies of Japan, the European Union and South Korea making the top-5.

Bitcoin to USDT took 78.9 percent of the total volume of both fiat and stablecoins, amassing a total of 10.3 million. Despite the absolute value increasing by $1.4 million from March’s total of 8.9 million BTCs, the market share dropped by 2.8 percent. Tether held 81.7 percent of the market in the previous month.

However, when the months of January and February are put into context, the numbers paint a telling tale. Back in February, the USDT share was 70 percent of the market, with the volume at 6.23 million BTCs, albeit in a recovering market. In the first month of the year, Tether represented 65 percent of the market, with the December 2018 and November 2018 figures pegged at 63.7 percent and 54.9 percent, respectively.

Given the past figures, Tether’s market share has been on a consistent rise since November 2018, when the peak of the crypto-winter materialized, peaking at 81.7 percent in March. The performance for the month of April was the first time in over 6 months that the market share of BTC to fiat or stablecoins dropped on a month-on-month basis.



It should be noted that the New York AG’s report which accused Bitfinex of covering up their undisclosed losses of $850 million using Tether reserves was released on April 25. Most of the BTC-USDT trading activity analyzed by the report had already transpired. Hence, the bad-rep faced by Tether in the community, something that may have had a spillover effect into May, is not reflected in the report.

Unsurprisingly, USDT held the top spot when BTC trading into top stablecoins is looked at, accounting for 97.9 percent of the market and dropping below 98 percent for the first time in two months. Other top stablecoins on the list are Paxos Standard [PAX], USD Coin [USDC], and TrueUSD [TUSD].





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending