June 10, 2019
Analysis

Tuesday’s surge’s influence in the cryptocurrency market

Cryptocurrency Market

One hour changed everything

Bitcoin went from roughly USD 4,000 to USD 5,000 in sixty minutes sharp, and its surge pumped the whole market up; so almost every digital asset has been rising in value and trading in green numbers for some days now. Except for Bitcoin, ironically. After it surged, it’s maintained its level at around 5k, but it’s kept sidewise motion, so it’s kind of stuck in the said level.

It’s just incredible how disruptive that short hour has been for the market. In this article, we share with you the main changes affected by that single hour on Tuesday

Litecoin

We start with Litecoin, fifth cryptocurrency by market capitalization in the world. It went up by an impressive 30%. It even reached USD 92.42 which made everybody hopeful about breaking the psychological 100 mark. It hasn’t gone that high yet, and it’s even receded (it’s trading at 87.27 as we write this, but numbers are still green).

The nearly one-third increase in value was, of course, caused by Bitcoin’s surge. But that colossal increment allowed LTC to outperform every other cryptocurrency (except for Bitcoin Cash, more on that later). It first went above $82 for the first time in the year, and then over $85, which was its expected resistance level (if you’re not very conversant in technical market analysis, that just means that at $82 LTC’s value was supposed to go back down).

The last time LTC went over $100 was on June 2018, and it looks like it could go back to that kind of level sometime soon. It’s possible for sure. But it’s hard to say if it’s actually probable, there is no way to know except for watching the price fluctuations closely. But it’s on a roll, and as long as this bullish run remains active, Litecoin will keep doing well.

Bitcoin Cash

It’s turned in into the ultimate market leader. The coin’s price rose by an utterly impressive 54%. That was enough for Roger Ver’s Bitcoin fork to become the world’s fourth cryptocurrency by market capitalization for several hours –it’s now back in the fifth spot, it was good while it lasted.

Bitcoin Cash trades at $287.59 as we write this, and it’s experienced red trading numbers over the last 24 hours.

Cardano’s ADA

Another transient spike happened to Cardano’s ADA. It went up by a fifth in value, and it overtook Stellar Lumens’ XLM eight spot in the market capitalization ranking. But, as it happened to Bitcoin Cash, it’s now back in the ninth spot.

ADA’s current price is USD 0.089973 with slightly red numbers. But this is an asset to which nobody was paying attention at all just a few months ago.

Ripple’s XRP

The bull’s visit hasn’t been as spectacular for XRP as it’s been for almost everybody else. It’s still third by market cap, and it’s $0.36592, but it has the greenest numbers for the last 24 hours, so it’s going actively forward, even if a tiny bit slowly as well.

Before we finish, just a word to the wise. The cryptocurrency market has been trading in green for three days in a row, something we had not seen for more than 16 months. But it’s premature to assume that the crypto winter is already over because of this.

The scenario is obvious: something (nobody knows exactly what yet) disrupted Bitcoin’s price and that sent shockwaves all over the crypto verse which resulted in increased prices and trading volumes. So have your fun while the current bonanza lasts, but be cautious because it could be very short-lived and go away as unexpectedly as it arrived.

[Image courtesy of Pixabay]

Disclaimer: All information provided through this article should not be regarded as investment advice, nor should be taken for granted for crypto trading purposes. Before making any investment or trading plans, make sure to inquire about the information diligently by carrying out your very own research. Thank you.

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