WMA: Post-Halving Bitcoin recovers to hit almost $10,000 while most altcoins trade in the green again
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $264 billion.
- Bitcoin resurges after pre-halving scare drop and nears $10,000 level again.
- The Bitcoin halving took place on the 11th of May at block 630,000
- Ethereum price rebounds and surpasses the $200 threshold again.
- XRP price recovers after a 7% drop last week to go over the $0.20 barrier
Crypto Trends 11th – 17th of May 2020: PERFORMANCE & ANALYSIS
Last week saw the third halving in Bitcoin history. The much-awaited event took place on May 11th, 2020, at around 4 pm EST and block 630,000. The block reward for miners dropped from 12.5 BTC to 6.5 BTC, but the network didn’t experience a severe impact as some of the industry’s pessimistic voices hoped.
Bitcoin started the week with a massive hangover after losing almost 20% of its value last Sunday. The fear of a disastrous halving enabled the bears to take over, but only for a little while. Starting with Tuesday, BTC has been consistently ascending trajectory and reaching as high as $9,750 on Friday.
At the time of this writing, Bitcoin is trading at $9,698, and it is aiming to overcome the $10,000 barrier before May ends. The next resistance level is at $9,815, while the nearest support level is at $8,800.
The recent halving increased Bitcoin’s superiority over the rest of the altcoins, with BTC claiming now more than 64% of the market.
Most of the altcoins suffered at the beginning of the week but steadily improved as the days passed. A clear example of their recovery is Ethereum, which started the 7-day trading period at $185, and it is now trading at $204. The next resistance level is at $211, while the nearest support level is at $187.
Ripple’s XRP was one of the altcoins that were most affected by the Bitcoin drop last Sunday. It’s two months-long battle to go over the $0.20 barrier suffered a setback as it lowered the price by 7% to around $0.19 on Monday. In the meantime, XRP took advantage of the general uptrend in the market and recovered to trade now at $0.202.
What’s in the News?
- The Chicago Mercantile Exchange said that Bitcoin futures saw a record surge in trading this year.
- JP Morgan officially accepted Coinbase and Gemini as their banking clients.
- COVID-19 is currently nearing 5 million cases worldwide
- “Rich Dad, Poor Dad” author Robert Kiyosaki believes that Bitcoin will reach $75k value in 3 years.
- Telegram drops the TON cryptocurrency project after the US prohibits global distribution.
- Vietnam’s Ministry of Finance sets up a research group to look into cryptocurrency adoption.
Next Week’s Market Forecast
In the upcoming week, all eyes will be on Bitcoin’s evolution. The investors’ hopes in a spectacular price surge are high, and based on BTC’s two previous halvings.
In the past, both events sparked a renewed interest in cryptocurrency and brought more capital on the market. Everyone is hoping that Bitcoin will finally overcome its bouncing trend between $8,500 and $10,000, dating back to June 2019.
Overcoming the $10,000 barrier and staying above it should also have a positive psychological impact on market sentiment. It should also strengthen overall trust in cryptocurrency and push the ensuing altcoins to recover from year-long volatility.