Bitcoin BTC remains the highlight of the market today as it was yesterday. More significantly, BTC dominance has hit 47.3% as its value broke resistances near $8k.
The total market cap has also increased and now stands at $297 billion. The average cryptocurrency daily trading volume is $18.7 billion.
Today’s positivity in the market surrounds the anticipation that the crypto industry may soon see an influx of institutional money. David Sapper, the COO of Blockbid has told Express.co.uk that:
“This is an extremely exciting period for cryptocurrencies and blockchain technology with increased interest from Tier 1 banks and financial institutions. Although it will take time for these companies to implement their cryptocurrency plans, positive news within the crypto sphere will benefit the market and raise prices as seen with bitcoin in the last 7 days.
There’s, however, the conundrum of regulatory concerns that may force these big-money investors to hold a bit longer before jumping in.
According to Sapper, “these financial institutions will most likely wait to see how the regulatory landscape pans out before implementing any venture within the crypto market.”
Behind the scenes, there appears also to be a lot going on to suggest the crypto market will soon begin to see great movement towards global acceptance.
In the opinion of Pawel Kuskowski, the CEO of Coinfirm:
“There are a lot of things happening that don’t get as much attention as the price itself like bank integrations and the activity of sizeable entities and transactions. This is what is going to push the continuous growth overall.”
It, therefore, means that gains in Bitcoin could be an indicator of what is to come for the rest of the market.
Bitcoin (BTC) price
Bitcoin’s spectacular price gain over the last 24 hours has left many analysts predicting it could test $10k in the near-term.
If the top crypto holds momentum above $8k and closes near $8,300, the assumption is that it will likely soar to levels near $10. If not, it could test levels near May 5th high prices at $9,964.
Bitcoin soared to break above $8,000, hitting this value since it last traded at $8,054 on May 23. Even though the top coin corrected lower to reach $7.949, it has since seen an upside and is exchanging hands above $8,150.
Bitcoin has gained over 6 percent in the last 24 hours and is over 21 percent in the last 7 days. The soaring in its market dominance has also seen its index ratio hit new highs since December 2017.
It appears BTC/USD could test resistance at $8,354 but may have to contend with selling pressure above that level.
At the moment, the bulls are in control and another spike could see it clear resistance and hit $8,500. Should a downside materialize, BTC will find support $8,000 and below that $7,862.
The top coin has a market capitalization of $140 billion and an average intraday trading volume of $6.5 billion.
Ethereum (ETH) price
Ethereum is struggling against BTC as well and may yet find it difficult to match its growth. However, there’s some muted speculation about an Ethereum ETF.
If that rumor is anything to go by, then ETH could gain massively once such a product comes out. Nevertheless, it will all depend on the expected US SEC decision regarding Bitcoin ETFs.
Ethereum’s (ETH) price had failed to break above a key resistance area at $469 during the Asian trading hours, threatening further declines. It, however, has rallied to reach above $475 as the early heavy selling pressure recedes.
The technical aspects show that the number two coin is overbought, and thus will likely see more upward momentum short-term.
The ETH/USD pair is currently trading at $479 and is over 3.5 percent higher on its value in the last 24 hours. It’s trading over 2 percent on the hour-to-hour charts. If the upward momentum sustains, it could test $490 and above that $500 in the next day or two.
However, the crypto is still weak and could see yet another downtrend if it fails to hold above $470.
Ethereum’s market cap is now $48.4 billion and has an intraday trading volume of $2.1 billion.
Ripple (XRP) price
Ripple’s price struggles are currently exacerbated by fears that the XRP token could be declared a security by the US regulators.
Other experts have indicated that should the SEC declare XRP a security, it would be a “big hit”. This is because XRP is traded on all the leading exchanges (Except on Coinbase). A negative reaction to this news would affect the prices.
However, comments attributed to the crypto’s parent company appear to dismiss such talk.
A spokesman of the company is quoted as saying that the XRP token should not be declared a security on the basis of speculation. He added that: “XRP doesn’t give its owners shares in Ripple.”
Today had seen XRP prices trading in the red in the morning hours, but a late surge this afternoon has changed the picture. It has recovered by over 3.3 percent to see its price climb above $0.46.
There’s a slight bullish momentum building up and XRP/USD is trading nearly 3 percent higher on the hour-to-hour charts.
Even though there are gains on the hour, XRP must break and sustain prices above $0.50 to turn bullish.
At the moment, it will remain slightly bearish, given its struggles against BTC. Its market cap is now $18.3 billion and has seen a total of $290 million worth of its tokens traded today.
EOS (EOS) price
EOS traded lower in the early morning trading session, declining by about 2.5 percent to see its value drop below $8.00 again. It, however, has gained rapidly in the European trading hours to see its value spike to hit $8.65.
The upside comes with a 24-hour surge of about 7 percent that means it now appears set to turn bullish short-term. It is also trading nearly 6 percent in the green over the 7-day charts.
Its daily trading volume has increased over the day reaching $913 million at the time of writing. The market cap is currently $7.7 billion.
If EOS/USD consolidates momentum and closes above $9.30, it could test $10 and possibly trade higher in over the week.
Litecoin (LTC) price
Litecoin is one of those coins that could benefit from G20’s view that cryptocurrencies could help transform the global financial system. Its recent developments point towards such a possibility.
On the market, Litecoin’s price continues to hold support above the $85 as it looks to move higher against the US dollar. It’s also well above July 23 close at $82. At the moment, the LTC/USD pair is looking at breaking above $88 and could possibly go above $90 once again.
After trading lower in the morning, LTC is now trading +4 percent over the last 24 hours and + 5 percent in the last 7 days. The coin is currently exchanging hands at $87.78 and could test the immediate resistance price levels at $90.
There has been an increase in demand for LTC as the price of Bitcoin continues to surge as stated yesterday. That has seen its intraday trading volume rise in the course of the day sharply jumping from $378 million to over $410 million within hours.
Litecoin has a market cap of $5.0 billion and has seen a total of $413 worth of LTC traded in the last 24 hours.