Bitcoin Dominance Closing on 70% as BTC Extends Gains
Crypto markets are climbing as we start the weekend and once again Bitcoin is leading the charge. BTC has held on to gains in five figures and continues to eat into altcoin markets as dominance approaches 70 percent.
Bitcoin Closes on $11k
BTC has seen its fourth green candle in as many days as the asset continues to climb, making progress above the psychological $10k barrier. A few hours ago during Asian trading Bitcoin rose from a low of $10,300 to tap an intraday high of $10,860 marking a 5.4 percent gain on the day. The movement has taken BTC back to its highest level for two weeks.
The momentum has left most of the altcoins in the digital dust once again as Bitcoin dominance knocks on the door of 70 percent. This equals the mid-July high and puts market share back at December 2017 levels. Hash rate also hit another all-time high a few days ago as Bitcoin goes from strength to strength.
BTC market dominance – Tradingview.com
Analysts are now eyeing the next resistance levels which are around $11,200 with further upside breaks possibly reaching $11,500. On the downside, support lies at $10,400 and $10,000.
Missing Out on Four Figures
Since sentiment has turned bullish once again, many are wondering if they have missed out on four figure Bitcoin. The past couple of weeks have been bearish and a return to new lows is still a possibility. Trader and analyst Josh Rager pointed this out earlier.
“30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support.
Everyone still wants $8k… & could happen.
But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it “may” hit 10% lower”
30%+ pullback was a common theme last uptrend & great opportunity to buy at confirmed support
Everyone still wants $8k… & could happen
But ignoring to buy a 35% pullback on the best performing asset over the past ten years b/c it "may" hit 10% lower
Good luck
pic.twitter.com/kSakBl2jnW
— Josh Rager
(@Josh_Rager) August 2, 2019
Binance boss Changpeng Zhao echoed the sentiment when he quipped “Slap yourself, if you sold $BTC under $10,000.”
Elsewhere on Crypto Markets
Bitcoin’s dominance surge has left altcoin markets battered and bruised as most of them are in decline this morning. Ethereum has made a little gain and is back above $220 but there is very little going on in this camp to inspire confidence at the moment.
XRP has retreated again and is back at a lowly $0.315 and Litecoin has lost fourth place as LTC dumps to $95. Halving is only two days away but there is no sign of any last minute rush to buy Litecoins. As a result Bitcoin Cash has retaken fourth with a 2 percent gain to $336.
Monero is one of two only other major cryptocurrencies making a gain as XMR adds 5 percent. Chainlink it’s the other with a huge fomo pump of 23 percent on the day.
Image from Shutterstock
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Martin Young, Khareem Sudlow