What a difference a week makes. Last Monday, the crypto markets took a severe downturn, shedding more than $25 billion from mid-June highs. At its worst, the total cryptocurrency market cap fell as low as $88 billion. The markets began to recover later in the week but fell prey to a weekend slump.
They shook off that slump on Monday, as virtually every cryptocurrency experienced positive price movement. At present, the total cryptocurrency market cap is $101.5 billion.
Bitcoin Price
The bitcoin price led the recovery, rising 5.6% to $2,573. Bitcoin has now regained more than $200 since falling as low as $2,333 on June 27. Bitcoin’s market cap is now about $42.3 billion.
It will be interesting to see whether the bitcoin recovery continues given the upcoming network fork and the contentious scaling debate. Some analysts predict the fork will cause the bitcoin price to decline steeply, as investors cash out gains to avoid potential pitfalls if the fork does not go smoothly. However, the long-term outlook for the bitcoin price remains positive. Goldman Sachs, for instance, released a report predicting that the bitcoin price will decline to around $1,850 before taking a bullish turn and rising to a record-high of nearly $4,000.
More
https://www.cryptocoinsnews.com/bitcoin-price-leads-the-way-as-crypto-markets-declare-independence-from-weekend-slump/
