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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coin prices dip as bullish momentum stalls

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coin prices dip as bullish momentum stalls
Source: Pixabay

The cryptocurrency market witnessed a significant drop today, with the collective market cap falling to $170.9 billion following the Bitfinex-Tether episode.

At press time, Bitcoin [BTC] held a market cap of $93.60 billion and was priced at $5,298, registering a 24-hour trading volume of $17.92 billion. The largest crypto-asset on CoinMarketCap fell by 2.83% over the past 24 hours.

BTC’s silver counterpart, Litecoin [LTC], was struggling below the $80-mark and fell by 0.55% over the last 24 hours. It recorded a 24-hour trading volume of $3.24 billion. The fifth largest digital asset held a market cap of $4.47 billion and was priced at $72.66.

Bitcoin [BTC]

Source: TradingView

The one-day BTC chart recorded an uptrend from $4,192 to $5,210, along with a downtrend from $6,451 to $5,309. The immediate resistances were at $5,654 and $6,467, while the supports stood at $4,036, $3,789 and $3,469.

Bollinger Bands: The mouth of the bands depicted a stagnant price market phase for Bitcoin.

Awesome Oscillator: The closing bars of the indicator were red and indicated a bearish pattern 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 trend for BTC was recorded.

Litecoin [LTC]

Source: TradingView

The candlestick arrangement on the one-day LTC chart registered a significant uptrend from $33.67 to $71.76, depicting fair price movement since the beginning of the year. A downtrend from $56.34 to $34.70 was also observed in the above chart. The resistance continued to be the much anticipated $90-mark. The supports for the coin stood firm at $59.31, $49.83 and $43.52.

Parabolic SAR: The dotted markers were above the candles, indicating a bearish phase for Litecoin.

MACD: The MACD line was below the signal line, projecting a bearish pattern for LTC’s valuation.

Klinger Oscillator: The reading line was also below the signal line and depicted a bearish trend for the coin’s price.



Conclusion

After the latest market dip, Litecoin struggled to get hold of the bull, while Bitcoin exhibited stagnancy in its market behavior.





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

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

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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].





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