Cryptocurrencies Are Diving, While Bitcoin Threatens Record Highs
Skerdian Meta • 2 min read
In the last couple of days, we have seen some decent price action in cryptocurencies, which you might have noticed if you trade them with your broker. These new currencies have been trading in tight ranges for some time, so the moves yesterday seemed a bit strange.
Bitcoin is dominating the crypto market again.
Litecion and Dash coin have been the weakest of the crypto block that we have in our arsenal here at FXleaders, so it wasn’t a big surprise to see them dive yesterday. They actually lost more than 10% of their value in just one day.
We saw a similar price action in Ethereum and Ripple Coin, which has performed quite well recently. I have made quite a few Bucks trading Ripple lately. Bitcoin on the other hand, continued its epic run and it is now threatening all time highs.
Apart from demand and supply in the market, one of the main factors for the price action in the last couple of days is cryptocurrency news. We have had quite a few developments in the last couple of days.
First, there was an article on the Wall Street Journal (WSJ) on Sunday that the IMF might issue a global digital currency in response to Bitcoin. I don’t know how true that statement is and it would actually go against the philosophy of cryptocurrencies, which is a decentralized market.
Anyway, even if the news was true, that would be negative for Bitcoin since it would be a tough opponent. Yet, Bitcoin is near the top today. In fact, Bitcoin just surpassed 51.1% dominance of the crypto market for the first time since May.
Also, eSports platform Unikrn has been given a licence to provide regulated cryptocurrency trading in Europe, which is pretty good news for all digital currencies.
That should have sent cryptos surging higher, but they’re actually tumbling. Well, every dip has attracted heavy buyers, so this should be a good opportunity to buy some of these instruments.
I’m scanning the cryptocurrency market right now, analyzing the strongest and the weakest currencies looking for a trade. So, I’ll get back to you guys once I make my mind up.