The trade war between China and the United States intensified as China allowed its currency, the yuan, to fall to its lowest level since 2008. This is seen as a retaliatory move by China on the latest tariff hikes by the U.S. If the nations enter into a currency war, it will only strengthen the case for cryptocurrencies and investors are likely to flock to digital assets to protect their investments. Unlike the previous crypto bull market that had risen on hope and future prospects of cryptocurrencies, the current bull phase is being buoyed by strong fundamentals.
Galaxy Digital CEO Mike Novogratz said that macroeconomic conditions and geopolitical unrest have given “real legs” to Bitcoin’s current rally. Anthony Pompliano of Morgan Creek Digital Assets said that Bitcoin is responding appropriately to global instability. Max Keiser, host of the RT program Keiser Report, expects the momentum in Bitcoin to carry it to $15,000 this week alone.
The total market capitalization of cryptocurrencies has risen to $311 billion and Bitcoin’s dominance has hit 67.8%. This shows that Bitcoin is leading from the front. How far can this rally continue and which altcoins are likely to participate in the rally? Let’s find out.
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https://cointelegraph.com/news/price-analysis-05-08-btc-eth-xrp-ltc-bch-bnb-eos-bsv-xlm-xmr/amp
