Major Altcoins See Red, Bitcoin Rises Above $6,300

Investing, News | May 10, 2019 By:

Majority of the top altcoins are declining today, with most coins moving sideways.

Litecoin and Ethereum are the only altcoins in the green, up 2.08% and 1.10%, respectively. While Binance Coin continued to slump after the Binance exchange hack, losing another 5 percent over the last 24 hours.

Meanwhile, the price of bitcoin continued to drift upward, rallying sharply above $6,300 level. In early trading, the largest cryptocurrency by market cap is up 3.64% at $6,312 per coin.

Simon Peters, analyst at eToro, said that breaking through the $6,000 barrier is a moment of truth for bitcoin, adding that this had been a major support level throughout most of 2018 and holds major psychological significance for the community.

“I expect to see a small sell-off initially before the price breaks higher,” Peters said. “If this happens, we could see prices reach levels last seen at the start of 2018, potentially hitting the $12,000-$14,000 range by the end of the year. “Given that global markets are having a bit of a wobble at the minute, bitcoin’s price growth in recent weeks means it is one of the strongest asset classes so far in 2019.”