Monday, 06 July 2020

Cryptocurrency market update: Bitcoin bulls fight back, $11,000 within reach

- Bitcoin is gaining ground, amid mixed market sentiments.
- Chainlink beats the market with over 20% of growth.
The cryptocurrency market is a mixed picture on Saturday as Bitcoin is gaining ground, while the altcoins out f top-20 are mostly in decline. Litecoin (LTC) is the biggest loser of the day, down nearly 3% on a day-on-day basis. Chainlink (LINK) has seen a strong price increase - over 20% since this time on Friday.

The total capitalization of all digital assets in circulation increased at $289 billion. The total trading volume settled at $54 billion, while Bitcoin's market share has grown to 66.5%.

Top-4 coins price overview

Bitcoin (BTC/USD) touched $10,890 during early Asian hours on Saturday before retreating to $10,750 by the time of writing. The first digital asset has gained 2.2% of its value in recent 24 hours, and about 2% since the beginning of the day. As the price is creeping higher towards critical $11,000 strengthened by the upper line of daily Bollinger Band comes into focus. We will need to see a sustainable move above this handle for the upside to gain traction.

Ethereum, the second-largest digital asset with the current market capitalization of $23.8 billion, is mostly unchanged on a day-on-day basis, though it is 2% higher from the start of Saturday's trading session. ETH/USD has settled at $221.80, off the intraday high of $223.40.

Ripple's XRP stays range-bound in the middle of $0.3100-$0.3200 side channel. The third-largest coin with the current market capitalization of $13.5 billion, has been hibernating in a tight range since the beginning of the week, which means that a breakthrough in either direction might trigger a strong momentum.

Litecoin has lost nearly 3% of its value in recent 24 hours and dropped to the fifth place in the global cryptocurrency market rating. LTC/USD is changing hands at $94.73, off the intraday high registered at $96.37.

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