Crypto Market Adds $25 Billion, As Bitcoin Trades Near $9,000

Bitcoin after breaking the $8,000 price resistance saw another price correction which brought down its prices by 4 percent, however, the price dip was short lived as the crypto market made another considerable gain over the weekend adding $25 billion to the overall market cap. The overall market cap also peaked to a new high of $272 billion.

Bitcoin which faced a mild resistance at $8,000 has broken past it and currently trading at around $8,700 seeing an 8.7 percent jump in prices on the 24-hour price chart.

Apart from Bitcoin, the major altcoin is in the green as well, where a few of them have also made double-digit gains with Litecoin being the flag-bearer seeing an 11% rise in prices over the past 24-hours. Litecoin was trading at $112.90 at the time of writing. Litecoin is extremely bullish with the impending halving of the block reward set to take place in August.

Bitcoin Cash, another altcoin which has seen a significant surge in prices throughout 2019 was right behind Litecoin with a 9 percent pump on the 24-hour price chart. It is currently trading at around $437 price bracket.

EOS also saw a price jump of around 9.34% taking its trading price to around $6.92 at the time of writing. Tron made a huge 17 percent jump on the 24-hour price chart, taking its trading price to $0.03. Bitcoin SV which has seen its price see a massive jump last week also made 17 percent gains on the day with the trading price of around $107.

Bitcoin Eyeing $9,000

The recent price rally was again spearheaded by Bitcoin, which saw its prices reach $8,850 and in case of few exchanges the prices were as high as $8,900. The new high that Bitcoin hit was also its highest price since May 2018. This has prompted many analysts to predict further gains for the Bitcoin and touching $9k does not look a big ask.

Josh Rager a crypto trader by profession is quite bullish on the prices and believes Bitcoin would make further gains. He said,

“Goodbye meme triangle, hello $9k+ targets. Some people were screaming triple top when the more obvious conclusion is retest after retest of resistance will finally lead to a break to the upside. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k”