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BTC, ETH, XRP Price Prediction — Growth Was Changed by the Market Fall. Have Bears Seized the Initiative?

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  • Denys Serhiichuk
    📈 Price Predictions

    📈 💱An increasing trading volume against the dump. Are traders switching to other coins or leaving the market?🔀

BTC, ETH, XRP Price Prediction — Growth Was Changed by the Market Fall. Have Bears Seized the Initiative?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Perhaps, nobody expected such a quick dump on the cryptocurrency market, as yesterday evening the prices of the top coins went further up. Notable, Bitcoin touched the critical $9,000, however, could not consolidate there. After good growth by Ethereum, today, the chief altcoin is among the biggest losers, going down by 11%, while the rate of Bitcoin SV is declining even faster (drop by 19%).

All this affected the total market capitalization, which declined by $30 Bln over the day.

Total market capitalization

Today market dump was mainly caused by the technical factors, not fundamental ones. In this regard, let’s get to charts of the top 3 coins.

BTC/USD

Our previous BTC prediction did not come true, as the quotes did not stop at $8,450 and went more in-depth. On the other hand, Bitcoin dominance has increased by a few points, as altcoins are looking worse than the leading cryptocurrency.

BTC/USD 1-hour chart

Bitcoin rolled back to the position it was 5 days ago, so nothing critical happened in the long-term, just a usual correction. According to the graph, the RSI indicator is about to break the oversold area, suggesting the price could not go below $7,900.

This is also confirmed by the prevailing number of long positions over shorts. After that, traders can expect a bounce back to the nearest resistance at $8,450.

The price of BTC is trading at $8,229 at the time of writing.

ETH/USD

If yesterday ETH was rising above others, today, it is falling faster than other coins. Even the news about Tether and Ethereum blockchain could not stop the price decrease.

ETH/USD 1-hour chart

On the hourly chart, Ethereum is trading in the descending channel, and the price can even go deeper, as mentioned previously in our forecast.

Currently, the altcoin located above $250; however, it most likely go down to the corridor $235-$245. No technical signs show the movement below $235 - MACD is about to change its wave from bearish to bullish. The short-term idea is coming back to the $260 level until June 6-7.

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Ethereum Price Prediction — $30 Bln Market Cap Is Reached. Can We Expect New Levels in 2019?

Ethereum Price Prediction — $30 Bln Market Cap Is Reached. Can We Expect New Levels in 2019?

The price of ETH is trading at $254.32 at the time of writing.

XRP/USD

Even though Ripple underwent correction as well, its current position is looking towards the price growth. A technical analysis confirms such suggestions.

XRP/USD 1-hour chart

Fortunately, Ripple did not go deeper $0,40, meaning that the scenario is supposed to be bullish in the first part of June. MACD has already found the bottom, and its lines are looking upwards. The same pattern can be applied to RSI which has come out from the oversold zone.

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Every Ripple Price Prediction 2019 Says the Same Thing: XRP Price Might Reach 10$

Every Ripple Price Prediction 2019 Says the Same Thing: XRP Price Might Reach 10$

If no further decline occurs, one can expect Ripple at $0,44 on June 2-3.

The price of XRP is trading at $0.4197 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin’s Domination May Rise According to One Analyst

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  • Vladislav Sopov
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    Famous analyst PlanB published an interesting chart showing the four stages of Bitcoin’s market dominance. It appears that he predicts hard times for the altcoins!

Bitcoin’s Domination May Rise According to One Analyst
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Contents

With the last days of 2019 right around the corner, analysts and traders are getting the audience pumped for 2020 forecasts. The third Bitcoin (BTC) halving and Ethereum's probable migration towards its Proof-of-Stake (PoS) consensus will be hot topics for the crypto community. Prominent trader PlanB decided to surf this wave by showing BTC's dominating traction.

Four Stages for Dominance

In the historical chart, PlanB has revealed one of the most important indicators of the crypto world - Bitcoin's market capitalization. This indicator shows the ratio of BTC's market capitalization to the capitalization of all other cryptocurrencies tracked publicly by the available services (4000+ coins). This is used as a sign of comparative demand for altcoins and BTC.

Bitcoin Dominance Historical Chart
Image by: https://twitter.com/100trillionUSD/status/1203012308513017856

Plan B showed the four stages of BTC's dominance, in which the graph is slipped vertically (bottom line indicates 100% BTC market dominance). The first stage, which lasted before April 2017, showed that BTC's dominance was more than 90%. The second stage (April-September 2017) showed that the figures were between 70% and 90%.

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Bitcoin Dominance Reaches 55 Percent, Sets Its New High This Year

Bitcoin Dominance Reaches 55 Percent, Sets Its New High This Year

The third and the fourth stages repeated twice from September 2017 to the present day. In the early days of 2018, the indicator was at an all-times-low of 35%. Now, the graph is about to re-enter BTC's second stage with a 70+% dominance.

Altcoin Annihilation?

PlanB surrounded his picture with the ironic hashtag #altcoinannililation. Therefore, PlanB interpreted this traction as bad sign for the altcoins. It should also be said that some of commentators in PlanB's open thread suggest that the four-stage cycle was launched by the previous BTC halving of July 9, 2016.

Furthermore, we can see that BTC's high price correlates with its low market dominance. With that said, the publication by PlanB forecasts an extremely bearish start for 2020.

Recently, BTC advocate Tuur Demeester claimed that the price of BTC will drop one more time to $5,000. This level will be reached due to the capitulation of "weak" investors prior to the long bull rally.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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