Bitcoin (BTC) has moved over $7,700. From June’s lowest at $5,840, Bitcoin is right now 30 percent up. With BTC dominance at 46%, bitcoin has been registering almost a constant upward trend since last week. So, how high are we gonna go this time?
Bitcoin [BTC] breaks $7,700 barrier, over 30% up from June’s lowest
Today, Bitcoin broke above the $7,700 level. But soon after, it took a downward shift. Yesterday, the closing price of Bitcoin was $7,500.
Bitcoin took a plunge to $7,380 level just after a few hours of moving in today. After gaining approximately $500, Bitcoin yet again took a slight step back but stayed above $7,500. At the time of writing, Bitcoin again regained and has been trading at $7,706 with a 3.23 percent gain in the last 24-hours.
Exactly 2 months back, Bitcoin was at this level. So, this is Bitcoin’s highest in about 60 days. On May 23, the Bitcoin price was around $7,880 before it starts going down in June.
On June 29, Bitcoin was at its lowest of the year. At $5,845, it has hit its bottom. From that number, Bitcoin is now about 31.5 percent higher.
Bitcoin has maintained its price well above $7,500 since this bull run has started last week. However, red made its appearance at least once during this rally. But overall, it has registered almost continuous gains with a steady upward pace.
BTC dominance hits 46%, what about the altcoins?
In addition to this, the dominance of Bitcoin is also on a continuous increase. At 46 percent BTC dominance is at its highest of this year. The rest of the cryptocurrency market is somewhat in the mix. A few of the cryptocurrencies are in green while others are rolling downwards.
Among the top cryptocurrencies:
Bitcoin Cash (BCH) by 2.08%, Litecoin (LTC) by 1.36%, Cardano (ADA) by 1.16%, Monero (XMR) by 2.63%, and NEM (XEM) by 3.93% are in the gainers’ list.
Whereas, Ethereum (ETH) by 0.83%, XRP by 0.33% , EOS by 0.20%, Tron (TRX) by 2.63% and IOTA (MIOT) by 3.15% are feeling the losses.
How high can we go?
With the bulls from last week following Bitcoin this week as well, it is expected Bitcoin is soon hitting $8,000.
Last week, the Bitcoin price started at $6,213 while ending the week at $7,436. The spike in Bitcoin price has been of about 19.6 percent. If this week Bitcoin rises about 20%, we can easily see it reaching $9,000 level. Bitcoin is most likely to continue its upward rally if it hits above $10,000.
By that time, the decision of SEC over Bitcoin ETF will be at the doorstep. Investors and crypto enthusiasts alike have high expectations from Bitcoin ETF. The approval can see BTC price hit some great heights.
Experts are predicting it to be the biggest bull run ever. Mati Greenspan, senior analyst at etoro just tweeted,
We might just be on the cusp of the largest bitcoin bull run in history.
— Mati Greenspan (@MatiGreenspan) July 23, 2018
Also, recently, crypto influencers John McAfee also stated that a bull rally has finally started. Tweet
Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat's burp.
— John McAfee (@officialmcafee) July 18, 2018
But again, in the cryptocurrency market, nothing is concrete. So, we can only wait and watch now!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.