Bitcoin overcame $5700 resistance level

May 6, 2019   Bitcoin

Cryptocurrency assets have strengthened at the end of the last working week. On Friday, Bitcoin, and the whole cryptomarket behind it, experienced an rally inspiring. BTC quotes exceeded 5800, but failed to develop growth. Nevertheless, the current decline looks like a natural reversal after the rally. The price of Bitcoin has overcome the resistance level of $ 5,700 and reached the mark of 5,770. Ethereum has strengthened to the level of $ 163, and the XRP slightly decreased to the level of $ 0.3025. The total capitalization of the cryptocurrency market has grown to 183 billion dollars. At the same time, the Bitcoin domination index reached 55%, and this is equal to the value of September 2018. Bitcoin capitalization exceeded a key level of 100 billion dollars. Fundstrat analyst Tom Lee warns that the events around Bitfinex in the short term may have a negative impact on the price of Bitcoin. Other leading analysts believe that the bear market has ended in April of this year, and the price draws similar patterns as in the fall of 2015. In their opinion, Bitcoin, like gold, is one of the safest assets. And as soon as broader markets recognize this fact, the world's first cryptocurrency can surpass its historical maximum, since capital will turn into Bitcoin.

Digital currency exchange Bitfinex considers raising a billion dollars during the initial stock placement of its LEO token. According to white paper, the new token will be released under the LEO ticker and initially offered to a small group of investors. Bitfinex has received confirmation of investors' intentions to purchase tokens for $ 600 million, but if the coins are not fully distributed before May 10, then the remnants can be withdrawn to a wide market. The token is issued to compensate $850 million, which has been frozen in the accounts of the Crypto Capital payment company, and because of what Bitfinex started having issues with the authorities of the State of New York. LEO tokens will be bought by the exchange at market prices on a monthly basis. For these purposes, Bitfinex intends to allocate at least 27% of its profits, but the exchange also reserves the right to buy out coins within a year and a half after the funds have been unfrozen. Issuing a large amount of Bitfinex tokens can lead to a negative impact on the Bitcoin rate.

In our forecast for today, we assume further Bitcoin growth to the levels of 5800, 5830 and 5850 dollars, Ethereum to the levels of 164, 166 and 168 dollars, and XRP to marks of 0.3050, 0.3075 and 0.3100 dollars.


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