Bitcoin price & Altcoin analytics

The recent US senate hearing on the upcoming Facebook cryptocurrency Libra coin caused a $20 billion loss in the cryptocurrency market. Bitcoin initiated a downward trend since crypto market drops $20 Billion in 1 hour following Facebook’s Libra senate hearing. Bitcoin price displayed a fairly better performance in the last two months.

The price of the original cryptocurrency Bitcoin (BTC) has started a downtrend after hitting $13,800. The coin might even plummet further to break the 21-day exponential moving average (EMA). If BTC continues to decline with this trend, its next landing might be the 50-day EMA, the region where its trading price can get some temporary solace.

The market saw Bitcoin jumping to a marvelous $14,000 at some exchanges, now we observe massive withdrawal of funds, which obviously affected prices of all cryptocurrency coins. With the whole market trading in the red, let’s figure out which altcoins decreased in value more than others.

Most of the top 100 leading coins have been showing positive results this month. Some of them skyrocketed up a marvelous 3,000%, while Bitcoin has found support at the $12,000 mark after a recent correction to $10,500.

For over a year, the entire cryptocurrency community has been waiting for the final decision on Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (US SEC), an autonomous agency of the US federal government. The community was more hopeful last year especially when BTC and other digital assets faced a protracted bear market in history. The bear market was very long, due to the fact that Bitcoin ETFs approval was being hoped as something that will restore the cryptocurrency market back to its positive trajectory like that of December 2017.

The CEO of Binance, Changpeng Zhao, (CZ) revealed that every user of their cryptocurrency exchange can now access margin trading services. Margin trading is the exercise of using borrowed assets (money) from a broker to sell or buy a financial asset, that makes the collateral for a loan from the broker. Binance is a worldwide digital currency exchange which offers a platform for buying or selling over 100 digital assets. Since January last year, Binance is regarded the largest cryptoasset exchange globally concerning trading volume.

The Bitcoin price has gained significant traction since the beginning of June. Since yesterday, the coin has registered a weighty growth in value and is almost hitting the $13,000 resistance level. Almost the entire cryptocurrency market is following suit, but there are still some coins that are not trading in green. Total market cap has significantly gained by over $10 billion.

The cryptocurrency community is now happier than two or three months ago when Bitcoin was trading at around $3,934. For the past one week the Bitcoin price has managed to remain trading above the $8,000 price mark. And since this week started, the BTC price has never plummeted below the $9000 support level.

In the past weekend, Bitcoin surged up to $9,381 with the increasing rate of 7% in 24 hours which makes bitcoin’s market cap be over $165 billion US dollar, hitting the highest record so far in 2019. Since BTC’s breaking $8,000 mark in May, it continues its upward movement though there are some pullbacks. Why BTC managed to rise above $9,000? Here are 5 reasons may be contributing to the Bitcoin bullish run.