Massive Boost in Bitcoin Price is not only Due to Institutional Interest.
Bitcoin has enjoyed an enormous boost by the influence of major tech companies who have taken an interest in Bitcoin and the cryptocurrency. It now appears that the institutional demand for the Bitcoin is happening. The retail market is being outpaced. The price of the Bitcoin has climbed by over 200% this year. This is an increase from the baseline $3,500 through the highs at $14,000. The Bitcoin fever has come back for the second time after 2017.
The Binance CEO has a contrary opinion and feels that the institutional demand for the cryptocurrency has not been driving the rally for as much as many of them think it has. He further stated that the already extreme volatility would be for worse.
CZ said, “We have not seen institutions growing faster.” He further added, “What we’ve seen is a pickup in both places. The number of institutions coming into this industry has not increased that tremendously in 2019 yet.” He reinstated, “I would say the majority of people by the end of the year will be using margin in some capacity.” He closed with a reassurance, “It’s quite safe to use, to be honest. There will be more trading volume and potentially higher volatility.”
With the selling pressure for Ethereum building up, ETH is likely to drop lower. Bitcoin will mostly guide the near/mid-term price action of Ethereum.
Big Cheds, a famous analyst, stated, “$ETH #Ethereum — Flash crash on Bitstamp last night down to $191.”
A famous cryptocurrency analyst tweeted, “$ETH: Perfect! RSI support has finally broken. Next support region I see us testing is 233 region loveys. Will monitor this weekly chart as we approach support of 50 RSI.”
The price of Ripple went down, and it is currently in a downtrend. The demand zones are in the downside. This further signals the continuation of the bearish trend. Retracement is expected for a supply level at $0.37. The continuation of the bearish trend is very likely. The bearish pattern will most likely continue for Ripple, and it is ideal to be a seller for this market. The moving average for this coin is also moving towards a downward price movement.
Stellar Lumens is showing a bullish trend in the chart. The token started with a slight fall; however, it recovered. The next few hours are expected to bring in a healthy change in the price of the Altcoin. XLM to USD is expected to touch $0.120 by July.
By MAHEEN HERNANDEZ