Bitcoin Recovers to Trade Above $8,000, Gold Market Reports Losses
Market visualization from Coin360
As of press time, bitcoin is up 2.18% on the day to trade at around $8,029. The leading cryptocurrency started the day as low as $7,680, subsequently reaching the current price point. On its weekly chart, the coin has lost slightly over 8%.
Bitcoin price analyst Oliver Isaacs said last week that the coin could hit $25,000 around the end of 2019, noting that there are many different factors behind this price resurgence.
Bitcoin 7-day price chart. Source: CoinMarketCap
The second-largest crypto by market capitalization, ether (ETH), has registered moderate growth of 0.97% over the past 24 hours and is trading at around $244.6. The leading altcoin has seen minimal volatility over the past week to lose $20 in value, posting around a 9.35% loss.
Ether 7-day price chart. Source: CoinMarketCap
XRP has lost almost 2% of its value over the last 24 hours and is currently trading at around $0.399. Over the past month, the altcoin has gained a solid 34.29%, although its weekly chart shows a 9.25% loss.
XRP 7-day price chart. Source: CoinMarketCap
Litecoin (LTC) is currently the top gainer, having recorded an almost 7% increase on the day to trade at around $124.9. The coin is followed by neo (NEO) and tezos (XTZ), with 4.74% and 4.15% gains respectively.
Total market capitalization of all digital currencies is over $254 billion at press time. The market’s intraweek low was around $242 billion on June 5, while the highest point on the week was $272 billion on June 4.
Total market capitalization 7-day chart. Source: CoinMarketCap
In traditional markets, gold is reporting losses, with spot gold down 0.9% at $1,328.41 per ounce today, according to CNBC, and U.S. gold futures fell 1.1% to $1,331.9 an ounce. Howie Lee, an economist at OCBC Bank, said that they “expect prices to hover sideways from $1,300-$1,350 per ounce in the short term, with risks tilted to the upside.”
Chinese markets have seen a rise following a higher-than-expected trade surplus in May, CNBC writes. Mainland Chinese stocks were higher by the afternoon, with the Shenzhen component jumping 1.61% and the Shenzhen composite rising 1.473%. The Shanghai composite also gained 0.98%.