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Bitcoin price plunged as low as $6,948 – a decline of roughly 5.6 % – just a day after climbing to $7600 – but soon stabilized to its support level of $7,150. At the time of writing, the cryptocurrency is trading at $7185, posting a market cap of $119 billion.
On Sunday, the global Bitcoin average price surged to an all-time high at $7,617 as the market continued to stay bullish on the CME Group announcement, that it will be listing Bitcoin futures by the end of this year.
This correction was pretty much expected and long overdue because the price of Bitcoin had increased substantially in a short period of time — surging from $4,400 to $7,598 in the past 30 days. That is, more than a $3,100 increase within a one-month span.
Many altcoins experienced price increases, but their combined progress could not keep the total cryptocurrency market cap from dipping below the $200 billion mark.
The Ethereum price has been hovering around $300 for the past month, and that trend continued on Monday. Altcoins altogether posted a combined net gain of $500 million, reducing the Bitcoin dominance index by about 1%. Even then Bitcoin controls an overwhelming 60.7% of the entire cryptocurrency market cap.
Among the top altcoins, Monero and Ethereum Classic posted maximum gains, surging nearly 17% to $101 and 26% to $15 respectively. ETC rally could be attributed to the fact that the exchange OKEx added support for Ethereum Classic futures. Ethereum Classic is now ranked tenth with a market cap of near $1.5 billion.
Top Stories from the Crypto World
1. Bitcoin could surge to $8000, says Goldman Sachs report
In a note distributed to the clients, Goldman Sachs analysts have predicted Bitcoin price to surge to $8000 in near term. Technical analysts Sheba Jafari and Jack Abramowitz cautioned that the signs are pointing to a new run up – albeit one that may take time to develop.
“This break indicated the potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should, therefore, be a level from which to watch for signs of a consolidation,” they wrote, according to Bloomberg.
2. Bitcoin may need a new proof-of-work chain: Bitcoin.org co-owner
The co-owner of Bitcoin.org and Bitcointalk, has appealed to the Bitcoin industry to hard fork again should SegWit2x ‘win.’
“If the unthinkable happens and 2x wins, it doesn’t mean Bitcoin has been “changed,” it means Bitcoin has been temporarily destroyed, and we need to get to work to collectively recreate it,” he said in a blog post.
Although it’s highly unlikely for the original chain to die and the new Segwit2x chain to continue given the little support Segwit2x chain has.
3. End of fiat based currency systems near, says Deutsche bank strategist
Deutsche Bank lead strategist Jim Reid has claimed that the current fiat-based currency system is unstable and nearing its end. He said that the system was only able to advance to its current state due to the disinflationary shock it experienced in the 1980s.
In his recent report, Reid claimed that the fiat system is now in reverse and is expected to affect all the traditional currencies being used around the world.
“Although the current speculative interest in cryptocurrencies is more to do with Blockchain technology than a loss of faith in paper money, at some point there will likely be some medium of exchange that becomes more universal and a competitor of paper money.” Reid added.