What's next for Bitcoin investors if fears of exhaustion above $8,000 were to be confirmed
There is a growing concern that the current market price rise could stall above $8,000 and take a while before picking again. Analysts also fear that we could see some small retracement as the prices prepare to climb further up.
Currently, Bitcoin seems to have set a very wide gap between it and its close adversary, Ethereum. There are actually concerns as to why it is only Bitcoin that seems to be enjoying the strong bullish trend as the rest of the cryptocurrencies seem to struggle.
However, investors should be warned! Bitcoin has always been known to take the lead since it was invented. In 2017 its prices skyrocketed to an all-time high of $20,000 and there is no other cryptocurrency that has sold for that high. But with the high price levels also comes the hardest losses. If an investor had purchased Bitcoin at that time when it was selling at $20,000, today he/she would be lamenting over a loss of about $15,000 for a single BTC. If he/she bought a 100 of those, then it would be a loss of $1.5 million, which is quite a huge loss for an individual trader. That is why it is always important to be careful when trading BTC.
However, there is a stiff competition between the three cryptocurrencies (BTC, ETH, and XRP) in terms of dominance and experts have projected that both Ethereum and Ripple could be poised to be the next to take after Bitcoin in terms of the price rise.
Also, given the fact that the price hike in both ETH and XRP seem to take place slowly compared to that of Bitcoin, experts predict that it might take longer for the bullish trends of ETH and XRP to get exhausted compared to that of BTC.
May alone has seen Ethereum price move up from $163 to currently trade at $254. The bullish trend in Ethereum is seen to be slower and sustainable compared to that of Bitcoin. Therefore, it would take more time for the bullish trend in Ethereum to get exhausted compared to that of Bitcoin.
Again there is always suspicion when the market prices rise too fast.
Ripple is the third largest cryptocurrency by market capitalization with a market cap of $15,686,030,933. Ripple is always the better option because of its low price which means a user/trader can purchase more XRPs at a go.
Ripple has also shown a positive bullish trend over the month of May and experts say it would be the beginning of a long move. Analysts have actually signaled that Ripple has made a breakout. Currently, the digital coin is trading at $0.39322, which is a slight retracement from $0.45 on May 15th, the highest price since December.