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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Bitcoin (BTC) Price Falls from $4,000 While Binance Reports ATH for Trading — Is Interest Back?

  • Darryn Pollock
    🤷 Opinions

    Bitcoin has sparked a lot of trading interest since it went above $4,000, and even as it fell again, Binance reported it was overloaded

Bitcoin (BTC) Price Falls from $4,000 While Binance Reports ATH for Trading — Is Interest Back?
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Bitcoin has had the $4,000 mark hanging over its head since November last year, and when the cryptocurrency managed to push past it, there was a lot of excitement and revived enthusiasm for the market. Many thought that this could be indicative of a change in the sentiment, and that a bull run could be around the corner.

However, the level was tested and failed as the price of the cryptocurrency then fell back towards $3,700. Even still, there has been a massive influx in trading volume, so much so that Binance, one of the biggest exchanges in the world, reported that they were overloaded.

As Bitcoin began dropping, the trading volume spiked up to $11 billion. A lot of this trading volume went through Binance, causing the disruption, but also pointing towards a renewed interest in the cryptocurrency market.

Prior to the climb towards $4,000, Bitcoin’s trading volume was around $7 billion, but even after this drop in price, the volume is still sitting at $10 billion.

Panic stations at Binance

Binance, the largest digital currency exchange in the market in terms of trading volume, has experienced some issues with the services offered over the weekend with the price fluctuations.

In fact, their personable CEO even took to Twitter to explain how the trading volume increase was playing havoc with their system. Changpeng "CZ" Zhao said that the exchange had experienced an all-time high for trading system load a few hours ago. Some users were experiencing UI delays during the system auto-scaling.

Added interest?

A lot has changed in the cryptocurrency markets since the all-time high of December 2017. The volatility has leveled out substantially, the price of course has fallen substantially, and with that, the general excitement in investing in the cryptocurrency market has fallen too.

With less excitement and movement, and thus liquidity, in the market, it has made it harder for the price to break out of its bearish cycle. However, with this increased interest via the bigger trading volume, there is every chance that the volatility of the cryptocurrency market could return, and a general bull run may still be on the cards.

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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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