The cryptocurrency market begins with a breath of bullish air, placing the majority of the top 100 cryptocurrencies as listed on coinmarketcap above 1% in gains, BTC had initially only begun its movement ahead of the $3900 mark before the bears took a fair share of the market.
Although the bulls still have the upper hand, all top five cryptocurrencies are at the mercy of the bears with losses ranging from 0.10% to 1.49%, except for BTC which has now made a correction with 0.06% in gains. As the market continues to unfold, here’s a few things to expect.
BTC is More Likely to Make a Correction in Trading Price
At present, BTC trades at $3,916, a trading price that is more likely to take an upsurge than it is to bottom. BTC may seem to have peaked between the $3800/$3900 price mark but a look at the market movement this week says otherwise as trading volume is beginning to increase. Against yesterday, BTC gained $13 million in market capitalization and has since been managing to stabilize at $3900.
The current structure of the cryptocurrency market reflects a decent possibility of BTC hitting $4000 this week. However, this is only largely dependent on BTC’s ability to maintain daily gains of at least 5% through the rest of the week. On the other hand, since the bearish tides are still surfacing from time to time, BTC may still stumble to $3800 for a decent period of time.
BNB is catching up with BCH and a crossover is nearing
BNB has and is still having one of the best runnings this year. Even till this week, the coin is not slowing down with its overthrow galore. In fact, the Binance coin is soon to tie with BCH and a crossover would mean that BNB would go on to become the 6th most valued cryptocurrency by market capitalization.
The possibilities of this, unlike BTC, is very high. Last week, BNB dethroned Tether USDT to take the 7th spot, what is most remarkable about this is the fact that BNB has moved up by $12 million against Tether in just a few days after its crossover. Not only does this signify that BNB is rallying in trading volume, the coin is now only $13 million below BCH in market cap. If the same pattern or anything slightly similar to BNB’s last week’s movement plays out, BNB is certain to make yet another crossover.