There was some kind of a doubt of a potential dump in yesterday’s cryptocurrency news which triggered many investors. However, a new breeze of green has cleared any of these doubts out and made the crypto markets buoyant for another day. However, the brief dip below $180 billion in market capitalization was recovered and no stable correction at all has occurred yet.
Bitcoin has managed to go above the $5,200 mark where it has consolidated for the past few days. After it dropped to an intraday low of $5,170, the most dominant cryptocurrency recovered quickly and is right now trading a little higher on the day at $5,250. Bitcoin (BTC) appears to be heading back to its micro resistance level of $5,300 which will be the next test according to some analysts.
Meanwhile, Ethereum (ETH) is back at $180 after posting stable gains of almost 3% on the day. At the moment, ETH is mirroring what BTC does and it is definitely an altcoin to watch. Both of the cryptocurrencies are approaching strong technical resistance levels.
The rest of the top ten market is in the green today and recovering from yesterday’s losses. A cryptocurrency that is leading the way during the Asian trading session is EOS – making gains as big as 7% on the day and going above $5.80. Right now, EOS is just $100,000 behind BCH and about to flip it for fifth.
Binance Coin, on the other hand, is a close second with over 6% in gains and a price point which allowed it to reach $18.60. The movements by the rest are smaller and measuring only a couple of percent of increases.
The top twenty is also all green and the biggest gains are coming from NEO, Ethereum Classic and Ontology which are all around 4% today. Tezos is outside the top twenty but that may change shortly as its gains are now over 5%, chasing down NEM which sits right above the altcoin.
Gold-Backed Russian Crypto Could Crush The USD Standard
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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