Cryptocurrency Market Update: Litecoin topples Bitcoin SV, Bitcoin hits pause under $12,000

Bitcoin price has stalled short of $12,000 for some time in August. There have been a couple of times Bitcoin has traded above $12,000. However, buyers could not sustain action above this critical level. Currently, Bitcoin is trading at $11,869 following a minor retreat from intraday lows around $11,775. Consolidation is likely to continue taking precedence, especially with the RSI holding at 54.54 and the MACD, slightly above the midline.

BTC/USD 4-hour chart

Bitcoin to hit $100,000 by August 2021 – PlanB S2F model

PlanB, a pseudonymous cryptocurrency analyst, is popular for the stock-to-flow (S2F) model. The latest from the analyst shows that Bitcoin will hit $100,000 by August 16, 2021. The model divides the amount of Bitcoin currently in circulation by the amount of Bitcoin mined per annum. PlanB recently retweeted a post published by Marc van der Chijs, a Dutch entrepreneur.

Most people think this is impossible, but I have seen a 1,000% increase in less than a year at least twice before in BTC (2013 & 2017). S2F is holding up pretty well after the halving, if FOMO will start again, anything is possible.

Litecoin market cap surpasses Bitcoin SV’s"

Litecoin has finally woken up after several months of hanging in the sidelines. Over the last 24 hours, LTC has added over 4% while growing by 10.43% in just seven days. The performance witnessed in the last few days has caused a ripple in the cryptoasset’s market capitalization to the extent of surpassing that of Bitcoin SV (BSV).

At the moment, Litecoin has a market cap of $4.19 billion and holding in the seventh spot on the market. It has toppled Bitcoin SV which was pushed into the eighth spot with a market capitalization of $4.07 billion. Litecoin is trading at $64.13 at the time of writing after growing by 1.54% on the day.