- Bitcoin Tumbles Again, Holds above $ 30,000
- MicroStrategy Continues to Buy Bitcoin
- Are the bears finally gaining the upper hand?
As predicted, it will probably be an exciting summer for every crypto trader and investor.
While there is no reason not to be bullish in the long run, it could crash again in the short run.
The current Bitcoin price is still above $ 32,000, still peaking in a 12-month comparison.
Bitcoin: Are the bears winning or are the bulls making a comeback?
Bitcoin is currently making the Bitcoin bears happy and keeping the bulls on a short leash. Breakout attempts to the top through the $ 36,000 mark have been repeatedly devalued by the bears, currently the Bitcoin is trading at around $ 32,700. Still a relatively good value against the last local low of around $ 28,000. Especially considering that investors like MicroStrategy have announced that they want to continue buying Bitcoin.
The recent drop in prices was triggered by another bad news from China. The Communist Party is now actually banning Bitcoin mining in the Land of the Middle. In the medium and long term, however, this could be good news, as the concentration of miners would continue to shift to other countries and increase the decentralisation of the network.
Bitcoin’s dominance can bounce back after a long time, peaking at around 46.15% over the past seven days, with the lowest being 45.1% on June 19. This led to large-scale sales of altcoins, which on average had to record larger price losses than Bitcoin.
Market capitalization of Bitcoin and altcoins
The market capitalization of all cryptocurrencies suffered significant losses, dropping from over $ 1.7 trillion to less than $ 1.4 trillion in just a few days:
The altcoin market capitalization also had to spring and fell from around one trillion to just over 750 billion US dollars:
The Altcoin Winners of the Week
XDC is working on a hybrid blockchain that will connect public and private blockchains. This should enable interoperable blockchain solutions for companies. The price of the corresponding XDC coin could rise by almost 20% in the last week.
AMP is the token of the Flexa Network and is used for collateralized payments. DeFi is still a strong trend, the AMP token was able to rise more than 15% despite difficult market conditions.
Quant (QNT) is committed to interoperability between different blockchain systems, enabling the cost-effective transfer of data and assets to other blockchains in a secure environment. Over the past seven days, the internal QNT token has seen more than 35% price growth.
Conclusion: bear or bull market, that’s the question here
While the bulls do not yet have to give up hope completely, the bears are becoming more and more convinced. However, such moods fluctuate very quickly in the crypto community and one or two bullish messages could tip the balance again. I would appreciate it if Bitcoin continues to hold the current range above $ 30,000 and there is no sell-off below that mark.