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Bitcoin Recovers on Saturday: Are More Gains in the Cards?


Jul. 2 2018, Updated 10:07 a.m. ET

Saturday’s revival

Saturday was a day of recovery for most cryptocurrencies. Bitcoin prices rose to their highest point of $6,510 on Saturday, June 30. Bitcoin was trading at $6,367 as of 9:00 AM EST on July 2, and its RSI level was at 43. With the revival of prices on Saturday, the RSI also rebounded. Last week, RSI for bitcoin closed at 30. A level below 30 is an indicator of a revival in price, which occurred. The market capitalization for bitcoin was at $109 billion. The overall market capitalization of all the cryptocurrencies together was at $256 billion.

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The bitcoin-based Bitcoin Investment Fund (GBTC) was trading at $8.53 at its close on Friday, June 29. It was pulled down by the decline in crypto prices, and its RSI level was at 26.8. The broader market, tracked by the SPDR S&P 500 ETF (SPY), was also marginally lower on Friday at $271.3, down slightly by 0.03%.

What’s happening around the world?

Amid the ongoing issues globally to regularize cryptocurrencies, the Philippines government has planned to issue 25 licenses to cryptocurrency exchanges. Each of these crypto exchanges is expected to further issue 20 to 30 sub-licenses for traders and brokers.

Also, the European Parliament said last week that cryptocurrencies likely won’t challenge the economic power of central banks. This statement was made with regards to cryptocurrencies challenging the authority of sovereign currencies through safe, transparent, and fast financial transactions.

The top performers yesterday were ox, NEM, verge, and emercoin, which rose 11.2%, 10.9%, 10.4%, and 9.5%, respectively. The worst performers were cryptonex, MOAC, maidSafeCoin, and cortex, which fell 17.4%, 16.9%, 6.7%, and 5.4%, respectively.


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