Not a good as a whole for the cryptocurrency market again, but will it drop below $300 billion like it did last month? This still remains entirely unknown. Currently, Bitcoin holds a 41.9% dominance of the total market, which is the highest the coin has held since December. At press time, BTC is trading at $9,068.87 a coin, down only -3.46%, in 24 hours. Where the leader goes, the altcoins tend to follow. With over 1/3 dominance of the market, any big dip in BTC’s price could pull the market down quite easily.
Goldman Sachs’ (NYSE:GS) technical analysis team predicted another projected BTC price recently. The head of the team, Jafari, is notorious for criticizing cryptocurrency and more specifically BTC. In July, he predicted BTC to reach $4,000 by the end of the year and we all know the cryptocurrency hit its record all-time high over $20,000, at that time. Non-the-less, the team predicts the next BTC correction to reach below its February lows under $5,900 – we shall see.
Not all coins are down on the market, let’s take a look at the few that are currently making gains and leading the down-trotted market.
After the largest cryptocurrency hack of all time, Coincheck has resumed normal business. It has begun paying back its victims the XEM they lost and the coin has been on an upward trend for the past week. Back in late Jan, the exchange announced it would repay its victims at a later time but last week, the timeline was disclosed to the public causing the coin to jump in price.
At press time, XEM is trading at $0.431 a coin, up 12.90%, in 24 hours.
Binance Coin (BNB)
Last week one of the world’s largest cryptocurrency exchanges, Binance, was hacked. They later offered a $250K bounty paid out in BNB for anyone with information on the organized group of hackers. The hackers weren’t entirely successful, but my guess is that this was just a test to see how far into the system they could get before launching a full-scale attack. I’m not alone in my opinion; the exchange just announced the latest news regarding its future efforts against attacks:
“Binance has currently allocated the equivalent of $10,000,000 in crypto reserves for future bounty awards against any illegal hacking attempts on Binance. We have also invited other exchanges and crypto businesses to join our initiative. We welcome their participation at any time.”
At press time, BNB is trading at $9.87 a coin, up 23.55%, in 24 hours.