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Cryptocurrency market update: Bitcoin extends rebound from $8000 area, TRON continues to outperform

Cryptocurrency market update: Bitcoin extends rebound from $8000 area, TRON continues to outperform
Eren SengezerEren SengezerFXStreet

Following Saturday's consolidation phase near the $8500 mark, Bitcoin gained traction on Sunday and started climbing higher toward the critical $9000 handle. As of writing, the BTC/USD pair was up 2% on a daily basis at $8723. 

Despite the lack of fresh catalysts surrounding major cryptocurrencies, Bitcoin doesn't seem to be having a difficult time attracting buyers after forming a strong support area near $8000 where the  23.6% retracement of the May rally is located, last Thursday. The next target for the BTC aligns at $9100 (May 30 high) ahead of the critical psychological mark of $10000.

Among the major cryptocurrencies, TRON, which is currently the 10th biggest cryptocurrency with a market cap of $2.6 billion according to the latest available data on coinmarketcap.com, is trading at its highest level since July 2018 at $0.0401 while adding more than 7% on a daily basis as investors continue to price the "huge announcement" Justin Sun, CEO and Founder of TRON, is expected to deliver on Monday. Since testing the $0.3 mark on Thursday,  the TRX/USD pair gained more than 25%.

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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