Is the Bitcoin’s bull run losing steam?

  • by Ahmed Mamdouh
  • July 4, 2019, 14:35 AM
  • 135 Views
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The Bitcoin saw a big increase in June, but it also witnessed sharp volatility to raise doubts about the ability of the bullish trend to continue in July.

The largest digital currency by market capitalization generated more than 26 percent rise over the course of last month, according to CoinMarketCap, extending its advance for a fifth month in a row and hitting a new 2019 high at $13,880 on BitStamp cryptocurrency exchange.

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However, the climb in June was beneath May’s staggering 60 percent soar and the Bitcoin experienced tremendous fluctuations with its price falling to a low of nearly $7500 in early June.

The announcement of Facebook’s coin, Libra, and the openness of the US Securities and Exchange Commission to discussions regarding approving Bitcoin exchange-traded fund (ETF) were among the key reasons behind the Bitcoin’s rally last month.

Also, it is reasonable to claim that some investors sought safety in the Bitcoin amidst the trade war between the United States and China.

Among the top 10 cryptocurrencies, only the Bitcoin, Ethereum and Litecoin finished on a positive note, while the other seven ended lower.

It is quite notable that other major digital currencies failed to the follow the suit of the Bitcoin, where it strengthened its dominance from 56 percent on May 31 to around 62 percent by the end of June.

The total market capitalization climbed from 270 billion at the end of May to a record high of 384 billion on June 26.

Compared to May, the Bitcoin rally is weakening, raising questions about its performance in July and the upcoming months.

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In July, markets are expecting the beginning of test trading of the Bakkt BTC futures, while Binance has announced plans to launch a futures trading platform.

Aside from the top 10 cryptocurrencies, LINK, NEO and LEO recorded strong gains of 283.23 percent, 23.23 percent and 17.33 percent respectively.

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