In a spectacular turn of events, Bitcoin (BTC) has smashed through the $8,000 mark, showcasing its prowess in the crypto arena. This sharp increase comes after a significant upswing initiated on July 16, further gaining traction on the 17th, while altcoins appeared to be struggling for breath.
Breaking the $8,000 Resistance
As of this morning, Bitcoin is trading about $8,009, marking a remarkable rise of 3.9% for the day. What’s more, it soared over $200 in just an hour and a half, clinching a peak of $8,031—the crypto equivalent of running a marathon and finishing with a backflip.
Market Capitalization: BTC Takes the Lead
Bitcoin’s market dominance is knocking on the door of history, hitting 46.8% this morning, the highest we’ve seen all year. This is reminiscent of the thrilling days close to the $20,000 highs back in December 2017, when even grandma was asking about Bitcoin.
Ethereum and The Altcoin Shuffle
Meanwhile, Ethereum (ETH) managed a modest rise, trading around $468. After peaking at $510 on July 18, it took a little vacation at $444 on July 20. Talk about ups and downs! Yet it seems to have found its footing again, even if it’s only an inch above the rest.
Top Performers and Strugglers
- Litecoin (LTC) is feeling fine with a 3.5% increase.
- Bitcoin Cash (BCH) isn’t too shabby either, riding high at around $851.
- On the flip side, typically reliable altcoins like EOS, IOTA (MIOTA), and Cardano (ADA) have slipped into the red.
Rethinking Futures: Bitcoin’s Bumpy Ride
A notable figure in the trading community, Ran NeuNer from CNBC, suggests we may be teetering on the edge of a bull market, all thanks to BlackRock’s potential interest in Bitcoin. Some are even calling this the bull whisper, but be wary; whispers often lead to loud screams when things go south.
The ETF Dream
“BTC goes up in anticipation of ETF at the expense of Alts. Investors start to pay more attention to BTC as it is getting returns. New money flows in again including institutional funds. BTC runs, investors exit and invest in Alts. Bull market again…” – Ran NeuNer
However, it’s important to note that just as one can dream of crypto-based ETFs being the holy grail, caution is warranted. Earlier this year, futures trading may have played a pesky little role in Bitcoin’s somewhat gut-wrenching price declines.
The Bigger Picture: Market Cap Rumbles
Current total market capitalization for all cryptocurrencies hovers around $294 billion, inching closer to the tantalizing $300 billion mark. With crypto still like a teenager on a rollercoaster, it seems we’re slated for a thrilling ride ahead.
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