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Wednesday, 22 May 10:44 (GMT -05:00)



Foreign exchange market

Bitcoin Prospects Look Vague Against Altcoins


The situation in the global market of cryptocurrencies has been changing for a while. Bitcoin seems to be gradually losing its status of the world’s biggest and most popular digital currency.
 
However, the BTC exchange rate has been showing substantial growth over the last few trading days. After showing some weakness, the cryptocurrency is now trying to recover. At the same time, the share of the world’s first cryptocurrency in the global cryptocurrency market is diminishing as international investors are investing in new altcoins.
 
Yesterday’s cryptocurrency market cap was close to 439 billion dollars. It’s interesting to note that the market cap managed to increase by as much as 22 billion dollars in a matter of 24 hours.
 
NordFX experts report that the BTC exchange rate has gained around 5% and exceeded the 9600 threshold.

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At the same time, the Bitcoin market cap has now exceeded 160 billion dollars. However, its market share has shrunk all the way down to 36,7% of the global cryptocurrency market.
Back in early April, Bitcoin used to be relatively weak after dropping below 7000 dollars per coin. This means that since then, the exchange rate has gone a long way up over a relatively short period of time. At this point, it is trading somewhere above 9600 dollars per coin.
 
Bitcoin Aims For New Highs
 
It’s safe to say that April was a bullish month for the world’s first cryptocurrency. After a relatively long period of depression, the currency did eventually manage to recover. Experts predict that Bitcoin is now aiming for the next major level, which is 10000 dollars per coin. Chances are, the coin will succeed in conquering this major level of resistance. It’s interesting to note that in 2017, Bitcoin started another bull cycle closer to the summer. That’s why more and more experts believe that April’s lows were perfect for loading up on Bitcoin at a discount since it is going to appreciate in the near future.

 

 

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