Fun

Market Update: Bitcoin Train Inches Toward $10K, Wild Predictions, Trillion Dollar Crypto Economy

News Feed - 2020-06-11 03:06:02

Market Update: Bitcoin Train Inches Toward $10K, Wild Predictions, Trillion Dollar Crypto Economy


On Wednesday, the market valuation of all 5,000+ cryptocurrencies is worth around $277 billion after a few coins gathered decent gains during the morning trading sessions. Today, bitcoin is trading for over $9,783 per unit and many traders believe the asset will surpass $10K once again. However, there is a significant amount of resistance at the psychological $10K zone and it’s going to take a strong bull charge to break it.Crypto Market Cap Holds Above $275 Billion


Crypto asset prices are seeing some gains today, as most of the top ten coins are up between 0.5% to 2% on Wednesday afternoon. At the time of publication, bitcoin (BTC) is swapping for $9,783 per BTC and the market is up 0.68% today. BTC has a market capitalization of around $180 billion and there’s $4.6 billion in global BTC trades today.


Ethereum (ETH) markets are up a hair and each ether is trading for $244 per coin. The market valuation of ETH markets is around $27.2 billion on Wednesday and there’s $1.32 billion in trades.




The third-largest market cap belongs to XRP and each unit is trading for $0.20. With an $8.7 billion market cap and $191 million in XRP trades, XRP is down 0.47% this afternoon.


Tether (USDT) is the fourth largest market cap and the stablecoin’s market is valued at $5.75 billion this week. USDT captures a touch less than two-thirds of the global crypto swaps against a myriad of different crypto assets.


Bitcoin Cash (BCH) Market Action


While BTC and other coins have been rising in value, bitcoin cash (BCH) has been growing in value as well. A single BCH is worth $253.96 per unit and there’s around $300 million in global trades. The top trading pair with BCH today is USDT and tether represents 62% of all bitcoin cash trades. Other pairs include BTC (16.7%), KRW (2.13%), USD (3.33%), ETH (2.16%), GBP (1.08%), USDC (0.70%), and PAX (0.56%). The overall market valuation of BCH is around $4.68 billion on Wednesday.


Blocktown Capital Managing Partner: ‘Crypto Economy Could Reach $10 Trillion’


On Wednesday, Blocktown Capital managing partner Joseph Todero said that the capitalization of the entire crypto-economy could reach $10 trillion when retail investors join. ”When retail money really starts flowing back into crypto I wouldn’t be surprised to see a $10 trillion+ market top,” Todero tweeted. However, not everyone believed Todero, as one person replied: “’When?’ Heard this for what three years now? Retail isn’t coming back whilst the market is this cruel.” Todero did respond to the critic and said: “Cycles take time.”


Blockstream’s Adam Back Claims Bitcoin Could Reach $300K Without Institutional Adoption


The CEO of Blockstream, Adam Back thinks that BTC will surpass it’s all-time high. Back was recently accused by the Youtube channel, Barely Social, as possibly being Satoshi Nakamoto. Although Back has denied the accusation and the Barely Social host explained that he or anyone could leverage “plausible deniability.”


Just recently speaking with the financial news outlet, Bloomberg, Back explained that he thinks BTC could touch $300K.”[Bitcoin] might not require additional institutional adoption [to reach $300,000] because the current environment is causing more individuals to think about hedging [and] retaining value when there’s a lot of money printing in the world,” Back told Bloomberg.Number of Bitcoin Addresses With More Than a Hundred Are On the Rise


This week data from the crypto aggregator, Santiment, shows that bitcoin addresses with 100 coins or more are growing. “After declining to start the month, the number of addresses holding more than 100 bitcoin has been on the rise over the past five days, with 43 new addresses joining the 100+ BTC club,” Santiment tweeted.




“Over the past few months, the growing number of large BTC holders has coincided with short-term price rallies for the top coin, and vice versa: short-term whale drop-offs typically signaled an incoming price correction as well,” the researchers added.


What do you think about the crypto market action lately? Let us know in the comments below.Bitcoin"s March to $100K: A Number of Crypto Experts Who Believe the Price per BTC Touches Six-DigitsMARKET UPDATES | 2 days agoBitcoin"s Flash Rally to $10,400 was "Fake", Short the Cryptocurrency, Warns Renowned Trader BollingerMARKET UPDATES | Jun 3, 2020Tags in this story$10K, 100 Coins, Adam Back, addresses, BCH, Bitcoin, bitcoin cash, Bitcoin Train, Blocktown Capital, BTC, ETH, Joseph Todero, Market Action, Trades, trading, volume, XRP


Image Credits: Shutterstock, Pixabay, Wiki Commons, SantimentUse Bitcoin and Bitcoin Cash to play online casino games here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

Bitcoin price ‘clusters’ hint at more downside: Is BTC about to lose $64K support?
Zoltan Vardai7 hours agoBitcoin price ‘clusters’ hint at more downside: Is BTC about to lose $64K support?Bitcoin could fall below $64,000 before entering the “parabolic phase” of the current bull cycle.4916 Tota
Crypto Payments Firm Bitpay Adds MATIC Support, Panini America to Accept Polygon Payments
Crypto Payments Firm Bitpay Adds MATIC Support, Panini America to Accept Polygon Payments Bitcoin and crypto payment services provider Bitpay has announced that the company now sup
Brazilian Congress Aims to Pass Unified Crypto Framework in Coming Months
Brazilian Congress Aims to Pass Unified Crypto Framework in Coming Months The Brazilian Congress is trying to approve a cryptocurrency legal framework before the end of Q2. Accordi
Ex-Coinbase staff founded NPC Labs raises $21M to build gaming on Base
Brayden Lindrea4 hours agoEx-Coinbase staff founded NPC Labs raises $21M to build gaming on BaseThe $21 million funding effort was led by Pantera Capital, which contributed $18 million, and included funding from Makers F
Mastermind of $147 Million Crypto ‘Scam of Epic Proportions’ Sentenced to 10 Years in US Prison
Mastermind of $147 Million Crypto "Scam of Epic Proportions" Sentenced to 10 Years in US Prison The mastermind of what the U.S. Department of Justice calls a sca
Ana Paula Pereira8 hours agoAptos’ new user growth hits 900% after integration with social media app ChingariChingari started the migration to Aptos in July, seeking an enhanced experience for users following Solana’
Mark Zuckerberg’s Meta in Talks to Sell Assets in Crypto Project Diem: Report
Mark Zuckerberg"s Meta in Talks to Sell Assets in Crypto Project Diem: Report Meta, formerly Facebook, is reportedly in talks with investment bankers to sell its assets in the cryp
Bitcoin halving will spur ‘surge’ in NFT volume
Ezra Reguerra12 hours agoBitcoin halving will spur ‘surge’ in NFT volumeMintable founder Zach Burks said that if the halving boosts user engagement, there would be an uptrend in NFT prices.2908 Total views39 Total sh
Bitcoin, Ethereum Technical Analysis: BTC Rises to $29,000 for First Time Since Last June
Bitcoin, Ethereum Technical Analysis: BTC Rises to $29,000 for First Time Since Last June Bitcoin rose above $29,000 on Thursday, as price moved to its strongest point since last J
William Suberg13 hours agoBitcoin price gets new $25K target as SEC decision day boosts GBTCBitcoin analysis flags liquidity waiting in the wings above and below the current BTC price range, while GBTC erases more of its
Why is Dogecoin price up today?
Yashu Gola9 hours agoWhy is Dogecoin price up today?Dogecoin is surging on the prospects of interest rate cuts in September and the excitement of a potential pro-crypto stance from Donald Trump.1511 Total views1 Total sh
Blockchain and AI: Redefining authorship in publishing
Savannah Fortis10 hours agoBlockchain and AI: Redefining authorship in publishingThe CEO of Booksie, Sol Nasisi, spoke with Cointelegraph about a future he envisions where blockchain and AI empower authors and work toget