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Cryptocurrency are mixed and Bitcoin settles above 11,500 dollar

2019-08-08 08:43 am | Resource: News | No Views : 12

Cryptocurrency  are mixed and Bitcoin settles above  11,500 dollar Cryptocurrency trading has stabilized as Bitcoin is trading positively above $ 11500 against the US dollar. The price of BTC is showing positive signs and may rise above $ 12,000 and $ 12,200.

After Bitcoin crossed the support mark at $ 11200, the price of Bitcoin began to rise favorably against the US dollar steadily higher than the resistance levels of $ 11500 and $ 11800. The bullish move pushed the Bitcoin market cap to about $ 210 billion, or about 68% of the total cryptocurrency market cap.

Bitcoin has now jumped nearly 20% in the past seven days. Some described it as a safe-haven asset as it rose while US stock markets fell earlier in the week amid escalating trade disputes between China and the United States.

Traditional equity markets have been in danger of collapsing over the past two days due to growing tensions between the United States and China, which has escalated the trade war into a full-blown currency war. At the same time, Bitcoin gained a decent bullish momentum, reinforcing the 'digital gold' narrative. However, one analyst is quick to note that Bitcoin's gold relationship is still fairly loose, making speculation that BTC is inversely correlated with equity markets in the same way as gold.

Bitcoin and gold both carry great buying pressure

At the time of writing, Bitcoin is trading just over 1% at its current price of $ 11,625, which is significantly below the 24-hour high of $ 12,100 set earlier in the day. Despite today's decline, the BTC is still significantly higher than its recent low of $ 9,100

Similarly, gold has also suffered significant buying pressures over the past days and weeks, and is currently trading up 2.3% at its current price of $ 1,506 an ounce. During a one-week period, gold rose almost 6%.
 
Cryptocurrency trading
  • Bitcoin trading rose 3.1% to $ 11,625.
  • Ethereum fell 0.7% to $ 224.84.
  • The XRP fell 0.4% to $ 0.31144.
  • Litecoin fell 1.8% to $ 91.431.

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