Bitcoin rises to $7,820, cryptocurrency market resumes an uptrend
Bitcoin’s (BTC) price hiked to $7,820 today and seems to hike further. According to coinMarketCap, Bitcoin reached highest after struggling for nearly two months.
According to CoinMarketCap, BTC witnessed a dominance rate of 46 percent today — the highest level since December 20. This proves that the first generation of cryptocurrency has increased in demand when compared to Ripple, Ethereum, Dash and other major cryptocurrencies.
Over the past six months, the price of BTC fluctuated. On February 20 the price was $11,600 but bitcoin witnessed a drop to $5,900 on June 29. In the past two months, the trend was bearish. Along with BTC, all other major cryptocurrencies saw a major drop in the price. Crypto enthusiasts and investors believed that phase as cryptocurrency bloodbath.
The hike in the dominance rate of BTC suggests the short-term bullish outlook. Also, the drop below $7,190 would invalidate the bullish view.
The past few days, the crypto world has seen a significant decrease in the number of investors who want to trade their altcoins for BTC. The current shoot up in the bitcoin price is believed as a whale ploy. The current crypto trend will force investors to choose bitcoin over other major altcoins. Ultimately the whales will buy the altcoins at a much cheaper price.
From the current cryptocurrency market trend, it is quite evident that all major altcoins have already bottomed out. Crypto investors are well aware that at the beginning of each trading cycle, there is an altcoin rally and bitcoin rally will be followed after. Major altcoins are traded against BTC. By converting altcoins to Bitcoin investors will make profit. As a result, there will be a significant hike in the price of bitcoin as the money flows from altcoins to BTC. It is most likely that Exchange Traded Fund of bitcoin would be announced during the peak of the next altcoin rally.
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