The coming altcoin news today show that all of the top coins are in the green and Bitcoin (BTC) is the only one that declined overnight. As we can see now, Bitcoin corrects to the $8,000 mark after changing hands with $8,200 the past day, recording new losses.
Even despite this, the leading and most dominant cryptocurrency out there, Bitcoin, has almost tripled this month. On the other hand, as Bitcoin corrects we can also see that its price was even lower during the correction – when it hit $7,800 – and this new increase to $8,000 is actually a positive retracement.
On the weekly trading chart, Bitcoin had the lowest price point at $5,942 on May 8, while its highest price point was established at $8,265 on May 14. As Bitcoin corrects, many popular analysts are featured in the latest cryptocurrency news.
One of them is Erik Voorhees, the CEO of the instant cryptocurrency exchange platform ShapeShift, who recently argued that the volatility seen in Bitcoin and altcoin markets over the years is a phenomenon for a nascent asset. As he stated, bubbles are an essential part of the industry’s growth.
The second largest cryptocurrency by market cap, Ethereum (ETH), is gaining while Bitcoin corrects. In fact, ETH has nearly 15% growth over the past 24 hours. As the stats show now, the price of Ethereum has ballooned to $262 while Ripple (XRP) is also positive and trading at $0.44.
For what we know so far, this could be one of the best weeks for cryptocurrencies this year. Many best cryptocurrency news sites are reporting about the $60+ billion added to the market in only a week, and the FOMO (fear of missing out) is strong for both individuals and institutional investors investing in Bitcoin and gold.
After starting the day yesterday at $231 billion, the total cryptocurrency market cap is now at $254 billion, recording an increase of more than $23 billion in one day. The 24 hour trading volume is at $112 billion right now.
What’s also interesting is the fact that spot gold was up 0.1% recently, trading at $1,298 per ounce which is the highest level since April 11 when it was trading at $1,303.
As Bitcoin corrects, its dominance also corrects and is now at 56% which is nothing but good altcoin news for the community. No one knows how the pace of Bitcoin will move in the coming days and weeks. While some say that the resistance is strong now, others believe that BTC could jump to $10,000 very soon.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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