Bitcoin Recovers to Trade Above $8,000, Gold Market Reports Losses


Monday, June 10 — The top 20 cryptocurrencies on CoinMarketCap are showing mixed signals, with bitcoin (BTC) back over the $8,000 price mark after seeing a dip under $7,900 on June 8.

Market visualization from Coin360

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

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

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

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.

On the top 20 list, binance coin (BNB), bitcoin SV (BSV), stellar (XLM), tron (TRX), and cosmos (ATOM) are reporting losses between 0.03% and 1.58%.

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

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%.

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