Bitcoin Tries to Grab the $7,000 Level Again
Bitcoin did start to pullback this week as we hinted in our last article, but buyers quickly emerged to push the largest cryptocurrency back above the $7,000 level again. BTC actually touched a high of $7,300 and has since retraced to $7,180 but a close for the week above $7,000 would set the coin up for more gains.
Stock markets have continued to push higher, and this has added confidence to all assets, including Bitcoin. Traders are still a bit hesitant to dive in with big volume orders but the price of BTC may now try to make a push for $10,000 ahead of the coin’s halving event, where the rewards for mining Bitcoin will be cut in half, which may impact the supply of coins.
Litecoin Dips on the Week but Bounces Back Above $40.00
LTC also dipped lower on the week with a drop to $38.00 but it bounced back to trade at a high of $44.50.
These levels provided support for LTC at the end of 2019 so further gains in the crypto market could see LTC mount a push for the $80.00 level, where it was trading at in February of this year, before the virus panic-selling emerged.
Litecoin has a market valuation of $2.8 billion, whilst Bitcoin leads the market with a total market size of $132 billion. Value seekers would want to consider adding some LTC in the hope that it can close some of the gap through adoption.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.