- Digital currencies continue to expand in the cryptocurrency market
- Bitcoin, Litecoin, Binance Coin and Tron are some of the best performing cryptos
Bitcoin (BTC) is getting close to $9,000 and the sentiment in the market remains very positive for several virtual currencies. However, not only is the price of Bitcoin currently in a gowing trend, there are other virtual currencies that are also showing their strengths, including Litecoin (LTC), Binance Coin (BNB) and Tron (TRX), among others.
Digital Currencies Continue To Expand
The virtual currency market is being flooded by positive sentiment due to different factors and announcements. Bitcoin has been receiving large amounts of funds from large investors, usually called whales, that are trying to store Bitcoin for the upcoming bull run.
After the spike that Bitcoin experienced a few days ago in which it surpassed $9,000, the network has seen nine large transactions. A whale moved over 27,000 BTC worth $236 million in separate transfers. However, one of these transactions of 1,500 BTC was transferred to a crypto platform. This could mean that the user was trying to sell the coins after this spike.
Litecoin is also moving forward. The digital currency has experienced a very large price increase since it bottomed in December 2018. Indeed, it grew over 420% since that moment, showing that there is a lot of buying pressure behind this digital currency.
The main catalyst behind this price increase in Litecoin is related to the fact that the digital currency is going to experience a halving as soon as in August 2019. Litecoin miners are going to be receiving 12.5 LTC per block when they currently receive 25 LTC. This is going to be very bullish for Litecoin’s price because there will be a slower issuance of LTC and if the demand for the virtual currency grows, the cryptocurrency is expected to register new highs.
At the same time, the Litecoin Foundation and developers are working in order to bring fungibility to Litecoin. This is also very positive for the digital asset and could help the digital currency to reach new users around the world.
Binance Coin, that has been created by the crypto exchange Binance, is also reaching new all-time highs. The digital asset moved from $4.5 to over $30 in 6 months. Binance has been working on different projects that give more utility to the virtual currency that now can be used to pay for fees at the Binance exchange, to power the Binance DEX, and to participate on the Binance Launchpad.
The digital currency could continue to grow in the future as analysts believe that the use cases related to it are going to increase.
Tron is also expanding in the market with an announcement that Justin Sun has recently made. He said that they will be informing the community about a project they are now working on and that it is related to BitTorrent (BTT).
Justin Sun is the CEO of Tron and BitTorrent. He is known for using social media in a very strategic way. He announces new partnerships, developments and how Tron and BitTorrent continue to expand around the world.
Currently, Bitcoin has a market capitalization of $154 billion and a price of $8732. Litecoin is the 6th largest crypto, it has a market capitalization of $7.17 billion and each LTC can be purchased for $115. Binance Coin comes after Litecoin in terms of market capitalization with a valuation of $4.73 billion. Each BNB can be purchased for $33.51. Finally, in the 10th position comes Tron with a market cap of $2.7 billion and price per coin of $0.04.
- Source: First Appeared Here
- Published Time: 2019-06-02 19:31:06
The views and opinions expressed in the article Why is Bitcoin’s Price and Cryptocurrencies Expanding So Strong These Last Months? do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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