Over the last 24 hours, there has been a $10 billion increase in the value of the cryptocurrency market. This is no surprise since the major cryptocurrencies have increased by 2% to up to 16%. The greatest gainer during this period was EOS which gained about 16.24% within 24 hours.
Progress or no Progress?
Bitcoin seemed to have increased a great deal over the past 24 hours. However, there hasn’t been any significant change in the price of Bitcoin within the last seven days as the coin continues to trade within the same range. As at May 27th, Bitcoin was trading at about $7560, and today, the price is about $7700 which is just a little higher than the price on May 27.
It was predicted that there would be a downward trend and a drop below $7000 last week. Although Bitcoin did drop to $7040, it recovered fast and moved to $7500 thanks to the effort of the Bulls. A fall below $7000 would have led Bitcoin on a downward slope to $5000.
Bitcoin has a strong potential to gain momentum from its current level considering the descending trendline between May 6 and June 2 and the corrective rallies on May 11 and 21. The head and shoulders pattern from May 15 to May 20 was replicated leading the price to fall from $8500 to $7,040.
If Bitcoin is to initiate a short to midterm rally that will boost the price, it would need to surge significantly in volume and get to $8000 within the next 48 hours. If the coin is unable to sustain the momentum at this level, it may drop down to the predicted $6000 legion and possibly fall lower to $5000.
How is EOS Doing?
EOS, on the other hand, experienced a 16% rise in price as investors and traders are preparing for the much anticipated Mainnet launch. While some people believe that the price will drop in the next few days, others believe that it is purely organic.