Weekend factor? Altcoins looking to shine as Bitcoin (BTC) price stagnates around $10,000 USD

The weekend (Sat/Sun not the musician) always brings out the best in the crypto world –whether in volume, price, interactions or news flashes. As other markets close on Friday evening, the cryptocurrency markets keep running every second, minute, day and month.

Since the year began, weekends have had a rather significant impact in the growth of Bitcoin price from $3,500 at the start of the year to $10,100 USD as at time of writing. However, in the past few months, alternative coins (altcoins) have performed better than the pioneer cryptocurrency as reported by Bloomberg on Friday.

The Rise of Altseason?

BTC price momentum subsided in the past month and investors seem to have switched to altcoins. A number of top altcoins have outperformed the undisputed king of cryptocurrency in the last weeks as Ethereum, Ripple, and Bitcoin Cash (BCH) all experienced massive gains in the past fortnight.

Ethereum (ETH), the second-largest crypto in market cap outperformed Bitcoin in six of the past 10 weekdays according to daily closing prices. Furthermore, ETH’s price beat Bitcoin’s in 8 of the past 11 weekends in total daily returns showing investors increasing confidence in the largest altcoin.

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Source: Bloomberg

Ripple (XRP) has also witnessed a bullish momentum in the past week growing by 7.1% to trade at $0.28 USD as at time of writing.

Scott Freeman, co-founder and partner of JST Capital spoke to Bloomberg saying altcoins are on the verge of a breakout. As most projects gain real world use cases, investors are expected to increase their stake in the altcoin market Scott explained.

“With the realization that these technologies now are being adopted, they’re starting to solve real problems, and it’s coming to fruition at some level where the value proposition of these things is being recognized more broadly.”

– Scott Freeman

A Tough Mountain to Climb

Despite the latest heroics from altcoins in the past two weeks or so –a period that BTC’s price has remained rather stagnant oscillating around $10,000 USD – the top cryptocurrency is still way ahead of the other altcoins.

Since the start of 2019, ETH/BTC pair dropped by over 40% to trade at 21 million satoshis. XRP/BTC pair plummeted under the 3000 satoshi-mark earlier in the month, representing a 70% drop since the start of the year. XRP is currently trading at 2974 sats, as at press time, 3.3% lower in the past 24 hours.

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Author: Lujan Odera

Bitcoin Gearing Up For A Price Move; Will It Hit $13k or $8k Is The Question

  • Weekend is here, get ready for fireworks
  • Bitcoin takes a hit, goes down to $11,200, this could eventually push to the daily s/r 10.7-8k says trader
  • A retest of the $11,120 is expected

Bitcoin went above $11,000 on August 4th and since then it has been trading above this level. Though the flagship cryptocurrency breaks above $12,000 a few times, during the same period, it couldn’t stay above this level for long.

Currently, BTC/USD is trading at $11,300, after a sudden loss of 3.92 percent in a few minutes, while managing the daily trading volume of $1.13 billion, which has come down from $1.9 billion, this week.

Weekend Is Here

Now, we have entered the weekend which during the last uptrend saw heightened activity.

Bitcoin, that trends 24/7, tend sot spike on weekends. Since the beginning of May, the surges in weekend activity has accounted for roughly 40% of BTC price gains.

In December 2017, Bitcoin peaked at $19,666 on a Saturday.

Cryptocurrencies trade around the clock, unlike securities on most traditional exchanges.

As for why prices tend to spike on weekends, there are some potential reasons such as crypto investors spend the weekends discussing news items with friends and other investors, moving them to trade crypto assets, and crypto companies choosing Mondays for announcements that has many traders trying to get ahead of the news by trading over the weekend.

FOMO Also Play a Part.

But even as prices rise on weekends, fewer people might be trading altogether, accounting for more pronounced price moves.

Bitcoin Propped For a Move

As we make it to the weekend, trader Credible Crypto is expecting more sideways movement before we ultimately continue to the upside. However, once we clear highs, he sees a strong rejection coming that a loss of $11,450 will confirm.

“Here is a very viable alternate count that may have us visit 11k sooner rather than later…Ultimately, still looking to long 10.8-11k and expecting continuation up after.”

Bitcoin, today did just that, fell down to $11,200 in a sudden and sharp move on the weekend.

Similar sentiments are shared by market analysts and trader Benjamin Blunts who says this move could turn out to be a B wave that could take us to $11,200 before we breaking down for wave C that will take us to $12,923.

According to analyst, The Cryptomist, RSI pennant has broken up and had a re-test which she says is often followed by bullish price action.

Bitcoin currently has resistance at $11,905 and support at $11,730.

A retest of the $11,120 is expected says trader Scott Melker in his BTC Adam & Eve update. However, trader CryptoISO says, “this could eventually push to the daily s/r 10.7-8k.”

Bitcoin looks to be prepared for a big move, but it’s to be seen if it would be to the upside or downside.

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Author: AnTy

Bitcoin Loses More Than $600 Under 5 Minutes, Drops to $11,200

The Weekend Is Here And Bitcoin Volatility is Back in the Market.

Bitcoin has been trading around $11,842 when a sharp plunge took BTC to $11,200 in less than 5 minutes.

However, it managed to not drop to the $10,000 level.

Today, Bitcoin has been trading at as high as $11,976 but is currently trading at $11,330 with 24 hours loss of 3.48% on Bitstamp.

In the past 24 hours, the trading volume managed by Bitcoin is still low at $853 million, which could be attributed to the weekend.

Analysts and traders have been expecting a drop to $11,000 and Bitcoin did just that.

“Going out. Lower highs. Primary concern is we closed above mid range level at 11.8k. Still held down by trend line at the moment. No closes through it. Hoping to see reversetetris.exe,” analyzed trader CryptoISO.

This, however, has brought back the call for $8,000.

As Bitcoin takes a hit, top 15 altcoins go red by as much as 4.45%.

This has the total market cap fall below $300 billion level, at $294 billion.

BTC dominance meanwhile, is still going strong, currently at 70.87% as per TradingView.

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Author: AnTy