The largest cryptocurrency by market capitalization, Bitcoin (BTC), is recording an increase overnight which saw it go over $8,700. As Bitcoin bounces, other altcoins are following too. After being left in the dust for a couple of days, BTC has managed to retrace and climb with 5% over the last 24 hours, touching $8,720 on the Luxembourg-based Bitstamp exchange.
As the latest cryptocurrency news show, Bitcoin is now once again in the touching distance of its year-to-date highs of little over $9,000 per one Bitcoin. The cryptocurrency traders and investors are now bullish as Bitcoin bounces, mostly because of the quick increase and the positive influx of money on the market.
What’s also important to note is the rise of Litecoin (LTC), which was a key topic in the altcoin news. The cryptocurrency has risen by more than 300% so far this year and by 43% the last month alone. Bitcoin, in comparison, has briefly climbed over $9,000 last month before falling back a couple of weeks ago.
As Bitcoin bounces, analysts are voicing their opinions on what may be the reason – and how Litecoin and Bitcoin are connected. As the senior eToro market analyst Mati Greenspan said on Twitter, “If Litecoin is indeed the leader, let’s look out for a Bitcoin breakout this week.”
If Litecoin is indeed the leader, let's look out for a Bitcoin breakout this week. 🚀 🌛https://t.co/uaLmc2KT46
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) June 10, 2019
Many best cryptocurrency news sites show that traders are piling into Litecoin because of its surge. Another big reason for the Litecoin surge is the halvening of the altcoin, expected in August this year.
As Bitcoin bounces, there are also news for its halvening, too. The next Bitcoin halvening, as sites report, is expected on May 22 next year – even though this is subject to change based on the mining power that is directed towards Bitcoin.
Right now, the big question is if Bitcoin could hit the $9,000 mark and trade higher. The price is certainly gaining momentum and as Bitcoin bounces, the dominant cryptocurrency is in a positive zone, forming a bullish trend with support near $8,500 on the hourly chart of the BTC/USD pair. On the upside, there is an initial resistance near the $8,740 and $8,750 levels – and an upside break above $8,750 could see the price surging above the $8,800 resistance area.
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