The previous week was nerve-racking for the crypto community; however, Bitcoin managed to break the $9,000 level. Many altcoins are also growing after the leading cryptocurrency has updated yearly highs. Trading volumes on the exchanges beat records in May, and the market capitalization even went beyond $280 bln. Now the renaissance of the crypto market has been observed after a long and painful drawdown.
The increasing interest in the crypto industry is backed by the number of Bitcoin futures contracts reaching the highest index ever at 5190. The numbers reflect an increase of about 7% compared to the data published a week ago.
Thus, in 2019, CME witnessed several record numbers. In May, the volume reached $1.3 bln.
BTC/USD
Bitcoin has been growing steadily for 4 months in a row. It is vital that the recovery is taking place against the background of increasing trading volume, confirming the strength of the trend. In parallel with this, the hash rate of the first cryptocurrency network keeps steadily going up.
The technical picture looks the following way.
Our previous Bitcoin prediction came true, and the price bounced back from $8,250 and came back at the $8,500 level.
On the hourly chart, Bitcoin remains bullish since the first days of May, and the bulls could push bears aside and recover their lost positions. In terms of the possible scenario for the nearest days, the retest of $9,000 is likely to happen, as the bullish trend has not been changed. The MACD indicator also confirms such quotes movements. In this regard, $9,000 might be achieved by June 10.
The price of BTC is trading at $8,603 at the time of writing.
ETH/USD
ETH is trying to keep up with Bitcoin and show even more significant growth, which is confirmed by the number of unique active addresses in the Ethereum network that reached a 10-month maximum.
The leading altcoin followed our forecast, and the price could reach $260 and even surpass this mark. However, one should not expect a sharp price rise shortly, as the trading volume keeps going down, and the RSI indicator is moving downwards. Respectively, the ETH quotes are supposed to locate within the corridor of $260-$275 in mid-June.
The price of ETH is trading at $266.59 at the time of writing.
XRP/USD
Ripple is showing the biggest growth compared to Bitcoin and Ethereum; at the moment, only the price of XRP is going up out of the top 3 coins.
The bullish tendencies are backed by the technical indicators, particularly MACD and RSI. The trading volume is not going to decrease, assuming that the current rate is not the peak in the local term. Overall, the resistance at $0.47 may be achieved on June 6-7.
The price of XRP is trading at $0.4408 at the time of writing.
Vladislav Sopov