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Bitcoin Prepares for Another Attempt to Retake $8,000

June 11, 2019 at 1:20 by Matt Jackson

Bitcoin prices are preparing for another run at $8,000, having spent the last week trading in a tight band between $7,600 and $7,950. Most major alt coins have followed a similar trajectory over the past seven days, with Litecoin proving to be the exception.

Bitcoin saw a major price recovery in May, rising more than 60%, thanks to its highest monthly trading volume in 14 months. The exchange dealt with trades totalling more than 700,000 BTC in the month. As a result of the gains, BTC prices started the month trading at around $8,600, but prices fell approximately 15% in 2 days to trade at $7,700 on June 4. Since then, prices have peaked at $8,000 and dipped lower than $7,600. On Monday, June 10, prices rose from $7,550 to $8,000 before settling above $7,900, and the cryptocurrency has made several attempts to take and hold the $8,000 position.

Over the past week, almost all other cryptocurrencies have followed a very similar path to Bitcoin, with the exception of Litecoin. Litecoin had been overtaken by both Bitcoin Cash and EOS, but having languished as the 6th biggest cryptocurrency by market cap, it has staged an impressive comeback, especially over the last week. LTC prices were just over $100 a week ago, but are now peaking at $130, an increase of 30% in just one week and the highest it has been since May 2018. In the past 24 hours alone, Litecoin has seen its prices go up more than 12%.

EOS had overrtaken Litecoin and briefly sat as the 4th largest cryptocurrency by market capitalization. However, Litecoin’s surge reversed the fortunes, and put it back into 4th spot. EOS is trading at roughly the same $6.40 price as it was a week ago — its prices pegged back by the news that Weiss Ratings has serious concerns over the altcoin’s decentralization. Weiss expressed concerns following Block.one’s announcement of their social network.

Bitcoin (BTC) is still attempting to push through the $8,000 barrier and is currently trading at $7,991.82, while Ethereum (ETH) is $246.72. Ripple (XRP) is trading at $0.398, Litecoin (LTC) at $128.30, Bitcoin Cash (BCH) costs $391.91, and EOS is now trading at $6.41. All prices correct at 02:00 GMT.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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