Sunday morning at 1:30 UTC, Bitcoin was trading at $6505 stuck in what chart analysts called a “critical” price range. A move downward could have set the precedent for a possible bearish crypto week.
Within three hours BTC witnessed a bullish price action and went on to trade at $6818 (BINANCE:BTCUSDT) before a minor pullback. The last time Bitcoin was comfortably trading around the $6800 range was around June 20th.
Coinmarketcap.com at press time showed the average price of Bitcoin at $6800 by considering several exchanges to be trading BTC at $7000. It considered Binance, Huobi and many other USDT paired exchanges to be trading at $7000.
A look at the exchange themselves revealed that Bitcoin did not go past $6800 range today. At 04:57 UTC, the BTCUSDT pair on Binance peaked at $6818 while on Huobi it peaked at $6800 unlike what was shown on coinmarket.com above. This minor $200 difference in trading price calculations in various exchanges has increased the average trading price of Bitcoin to $6825 on coinmarketcap.com.
Ethereum [ETH] at press time was trading at $483 with a market cap of $49 billion. Ethereum much like other currencies witnessed a higher trading volume from the Asian markets.
Like the BTCUSDT pairing price on coinmarketcap.com, the price for ETHUSDT shows the ETH price on Binance and other USDT paired exchanges to be above $500 increasing its average trading price to $494 (press time). As shown below, the highest price for ETH during today’s price jump was $492 (Binance).
Ripple in the past 24-hours witnessed a lower trading volume that Bitcoin Cash, Litecoin and EOS. Ripple has gained a 6.57% over the week to trade at $0.483 at press time. The Asian markets played a bigger role in the trading volumes in the past 24 hours with upto 40% of the recent trading volumes coming from exchanges like Coinbene, Bitbank, OKEx and others.
Does the current break above $6700 have enough steam to pull Bitcoin prices above the $7000 mark? According to some chart analysts like Joe Furbey, the admin of a trading group from London, this current price action was unconvincing. He says,
“Although Bitcoin broke through the critical $6750 price range, it did not manage to stay above it for a long time. A convincing break above $6800 would confirm a potential bullish action negating the current “bear trap” scenario.”
Subscribe to AMBCrypto’s Newsletter
Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
Subscribe to AMBCrypto’s Newsletter