Bitcoin [BTC] broke above $10,000 due to rising economic distress in the world has continued to strengthen the confidence of bullish traders. Correlation does not always mean causation, nevertheless, the pattern revealed in 2019 has recognized Bitcoin as an independent uncorrelated asset.
Moreover, the US-China Trader war has also acted a strong impetus to the price of Bitcoin [BTC]. The trade war is a serious concern for all international traders. Hence, Bitcoin seems to be gaining from the tension between the leaders of the world economy.
The dominance of Bitcoin [BTC] over the cryptocurrency market once again breached the 66.5% mark. The altcoins have continued to fall as the traders continue to lose confidence in them. Nevertheless, the bullish momentum in Bitcoin has still kept their hopes.
Furthermore, the development and adoption of some of these altcoins have been on the rise as well. Leading developers and proponents are working towards making their project more viable.
Opening Price: $9540
Closing Price: $10,725
Weekly Gains: 12.42%
Weekly High/Low: $10,919/$9,360
Tezos was the best performing coin of the week with Mcap above $1 billion. It has gained above 40% this week as the staking of Tezos began at Huobi Wallets and Coinbase Pro. The yearly high near $2, which will be the next bullish target of Tezos.
Opening Price: $1.02
Closing Price: $1.42
Weekly Gains: 39.2%
Weekly High/Low: $1.486/0.996
Monero [XMR] on the most popular privacy-focused gained, which gained around 8.52%. Last week Zcash [Zcash] announced that it was proposing some changes to the protocol. The economic reforms have weakened the decentralized view of Zcash, which might have favored Monero as they share the same utility.
Opening Price: $79.98
Closing Price: $86.8
Weekly Gains: 8.52%
Weekly High/Low: $88.6/$77.4
Bitcoin Cash [BCH]
Bitcoin.com announced a new Exchange based on Bitcoin Cash [BTC]. This has come as a piece of positive news for Bitcoin, as Bitcoin.com is a popular domain for cryptocurrency users.
Opening Price: $306.5
Closing Price: $334
Weekly Gains: 8.97%
Weekly High/Low: $301/$349
Ethereum [ETH] gained 4.2%, which can be attributed to the bullish pressure of Bitcoin [BTC]. However, with respect to Bitcoin, the price of ETH is testing two years low.
Opening Price: $210
Closing Price: $219
Weekly Gains: 4.2%
Weekly High/Low: $224/$204
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 13: 00 Hours UTC on 28th July 2019.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com