According to analysts, leading digital currencies stabilized after a fall on Thursday, May 30. Now they are ready to move on and for this, they have all the opportunities, experts say.
The growth rate of Bitcoin amounted to 0.72% up to $8,664over the past day. The market capitalization of the leading virtual currency reached $154.8 billion. Ethereum cryptocurrency strengthened by 5.2% to $282.6. Its capitalization was $30 billion. Ripple (XRP) rose by 4.35% to $0.46. The market capitalization of this digital asset amounted to $19.5 billion. Litecoin cryptocurrency has risen over the day by 2.39% to $117.3. Its capitalization amounted to $7.3 billion. The total capitalization of the crypto market reached $279.9 billion.
Currently, the price of Bitcoin is consolidating, forming a continuation of the "bullish" trend, analysts say. According to a leading expert in the digital assets market, Thomas Lee, breaking the $10,000 key mark for Bitcoin will lead to massive purchases. This is possible in the event that market participants will be afraid to miss the rapid increase in the price of cryptocurrency number 1.
According to analysts, among the possible reasons for the rise of the leading digital currency is the escalation of the US-China trade opposition. This conflict poses a threat to the global recession, which is why investors are transferring funds from traditional assets to alternative ones. Experts believe that another reason for the rise in the price of Bitcoin is the imminent reduction in the miners' remuneration for one mined block. It is expected that this premium will be halved in 2020, which will limit the supply of the cryptocurrency.
According to technical analysis, the immediate goal of the upward movement of the bitcoin price is $9100. A breakdown of which will open the way to an important psychological mark of $10,000. In the case of a refund below $ 8,300, experts assume a cost reduction to $7,700.
On Friday morning, May 31, the bulls of the crypto market decided to conquer the bitcoin price peak of $9000 after a brief consolidation. The maximum value of cryptocurrency number 1 was fixed at $9109 and then the decline began. After a deep correction, the value of the leading virtual currency fixed at $8,300. Experts do not exclude the further fall of the main digital asset.
According to financial market strategists, the virtual currency market will continue to consolidate at the achieved levels in the near future. The price of bitcoin can drop to $7400 and the cost of XRP can roll back to $0.39 after today's rise to $ 0.47. Now, it is testing the level of $0.42. After the current breakthrough to $289 and the subsequent pullback to $240, the cost of Ethereum may soon fall to $222, experts predict.
