Price Analysis 26/06: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, ADA, TRX

 

Bitcoin (BTC) has continued with its stellar run as no resistance level is being able to hold it back. It easily covered a distance from $10,000 to $13,000 within five days. This shows massive buying that has seen its market dominance reach 62.1% for the first time since April 2017. The recovery in the crypto markets is being led by the leader, which is positive for the asset class. 

With this recovery, bitcoin once again rises from the dumps as the doubters continued to write its obituary. Its low correlation with other traditional asset classes makes it an interesting bet for the institutional players wanting to diversify their portfolio due to the ongoing geopolitical tension and trade issues. Deutsche Bank exec Jim Reid said that aggressive rate cuts by central banks was also a contributing factor in the recent surge in bitcoin prices.
Data from institutional crypto lender Genesis Capital shows a significant increase in institutional activity in the past 12 months. While the rise is parabolic and is not sustainable, an important factor is that the rally had been climbing a wall of worry until it broke out of $10,000. Since then, analysts have again started to project sky-high targets for bitcoin. When that happens and it becomes easy to make money, a short-term top is likely.

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