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Bitcoin Price Analysis: BTC Moving Slow Above The $6.000 Mark

Bitcoin recovered after the continued drop in the past few days, although its performance isn’t really at its peak. The price of the most popular coin rose back slightly above the $6000 mark with an incredible double-digit jump.

As CCN reports, the entire cryptocurrency market lost almost $30 billion of its value in just 48 hours. Bitcoin went down by more than 14% while others such as Bitcoin Cash, Ripple, and even Ethereum suffered even larger price drops and losses.  Usually, after a drop like this, major assets such as Bitcoin tend to improve their performance in order to cover up previous losses in the previous days. However, the last time bitcoin tried to do a corrective movement; it barely managed to improve 3 percent so it didn’t really manage to cover losses for the past few days.

On August 8th, CCN reported: ‘’The Bitcoin price is likely to drop to mid-$6,000 when the price of Bitcoin hovered at around $7,300, due to many factors including a lack of volume in the market, strong downtrend, and the unpredictability of the over-the-counter (OTC) market’’.

If BTC doesn’t manage to recover beyond the point of $7.000, it will likely strive for a below $6.000 level which is a place that Bitcoin hasn’t visited since February. Right now, the downtrend of Bitcoin is strong which is why it is very likely for the largest cryptocurrency to test a support level at $6,800 and possibly $6,500 if the volume of the market does not go in a corrective rally. In June, BTC tested the $5.500 mark but gained momentum and bounced back to $8.000.

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Bitcoin Price Stabilizes At $6,500, Tokens Record 50% Gains

The price of Bitcoin is again swiveling around the $6,500 which is not necessarily a bad thing – especially not after the recent market downturn. Over the past 24 hours, it seems like the BTC price is quite stable.

In other news, tokens such as VeChain, Ontology, and PundiX all recorded 50% gains which made them one-day winners as the crypto market recovered and Bitcoin showed some decent stability.

The biggest surge was recorded by VeChain, which spiked by over 50% against the US dollar and became the best performing digital asset during the week. This is mainly due to investors and their reallocation of the funds from major digital assets like Bitcoin and Ethereum to tokens like Ontology, VeChain, ICON, Pundi X, Nano, and Waltonchain, all in order to push the market valuation up.

The large spike in the price of tokens is definitely a sign of confidence of investors in the market. On the other hand, the positive developments in the crypto sector such as the introduction of the Tracker One Bitcoin ETN to US markets, the high probability of the approval of the CBOE Bitcoin ETF as well as the creation of BAKKT by ICE, New York Stock Exchange, Microsoft and Starbucks all seem to have an impact on the market.

Right now, the ideal scenario is for Bitcoin to remain stable in the $6,000 region. As such, it would establish a solid foundation for a big rally in the short-term.

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VeChain (VET) Rises By 30% In A New Widespread Market Recovery

The price of VeChain (VET), which is one of the altcoins that are currently in the news for surging, has recently exploded and rose by more than 30% in what the analysts describe as a major widespread recovery on the market.

This recovery raised the cryptocurrency market cap by more than $5 billion over the past 24 hours – but also brought VeChain to the much-expected $0.010 threshold. The altcoin was previously struggling to secure momentum below $0.008 – and it rose to as high as $0.012 during the intraday trading before settling back to its price of $0.01 on Binance.

Still, the price of VET is down 7% against the dollar over the past week – which is another proof of how serious the recent crypto market crash was. Still, things are looking good now for the altcoin – which is now ranked in the top 20 with seven-day returns comparable to Monero (XRM) and Ethereum Classic (ETC) – both of which altcoins that rose over the past few days.

Even though there is no official confirmation or link on why the price of VET rose by 30%, Vechain trading is centralized on Binance, the leading cryptocurrency exchange out there. On it, users can trade the VET/BTC, VET/USDT, VET/ETH, and VET/BNB pairs which all account for 92% of the total VeChain trading. The other exchange platforms where you can buy and sell VET include LBank, Gate.io and Kucoin.

With a market cap of $571 million, VeChain is now propelling to the 20th position in the cryptocurrency rankings, coming closer to the 19th-ranked ZCash.

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‘Toshi’ Becomes ‘Coinbase Wallet’: Coinbase Changes The Name Of Its Wallet

The open source DApp browser and wallet which has been designed by Coinbase is now officially changing its name. From now on, the old ‘Toshi’ will be known as ‘Coinbase Wallet’.

The company announced the news in a Medium post this Wednesday. In it, Coinbase said that the name change will align with the branding of the company – but also will build authority and push more investments that may shape the future of the decentralized web.

 

 

The wallet which was launched last year and inspired by mobile money apps like WeChat is also getting a new user interface.

According to the Product Lead at (former) Toshi, Siddharth Coelho-Prabhu, the Toshi app would “upgrade to Coinbase Wallet” shortly and users can look forward at the “same product” with a new and enhanced look.

There will be some upgrades made to the app – in which Coinbase Wallet is expected to serve as a home for “exploring the decentralized web” and all the possibilities coming along with it. Aside from managing Ethereum and ERC-20 tokens (which was possible on Toshi), the new Coinbase Wallet will also support Bitcoin, Bitcoin Cash as well as Litecoin.

Users on the Coinbase Wallet will be able to receive ICO tokens, airdrops and access leading exchanges directly from it – or store their crypto collectibles. When it comes to security, Coinbase said that the new wallet will be equipped with the “best-in-class secure storage” which will secure private keys using the “Secure Enclave of each device and biometric authentication technology”.

In the end, Coinbase’s plans are to make the new Coinbase Wallet an all-around wallet so that users can be confident in storing their crypto and “explore the universe of third-party dApps”. It will make everything possible – from taking out loans to completing tasks – all in exchange for crypto payments.

 

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Ethereum Classic Surges After Coinbase Listing Announcement

Ethereum Classic just rose 15% ahead of its Coinbase listing. The altcoin recorded gains two days in a row. After Wednesday’s 20% gains, it is now trading at around $14 on Bitfinex.

The surge in price follows Coinbase’s announcement in which the leading exchange officially listed ETC as available for purchase and trading on the platform. Ethereum Classic will actually be listed today (Thursday) at 5PM PST.

After the two-month high which saw ETC climb to $18.50 earlier this month, the price dropped with the recent market crash. However, it seems like Ethereum Classic is recovering well – and the listing on Robinhood also had an effect in boosting its price.

The entire price frenzy started when the rumors about Ethereum Classic being listed on Coinbase began, which happened a few weeks ago. Throughout mid-June, the price of ETC almost reached $20 but fluctuated around $17, falling as low as $11 with the market crash.

ETC has had an all-time high of $45.51 in December 2017 and will hopefully climb to that point again this year, according to analysts. However, the theory of a massive dump is still a possibility – which is why traders need to be cautious. The price should creep up to its pre-listing levels and eventually stabilize in the short to mid-term.

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