The leading cryptocurrency is enjoying the greens this week, trading around $9,900, a level was last seen in early June when it ran up to $10,000.
This uptrend came after weeks of price consolidation, during which altcoins rallied strongly, post halving just like bitcoin behaved in the past after halvings.
“History is repeating itself.”
The fundamentals have already recovered in two months — last week network difficulty hit a new all-time high and hash rate is also surging to new peaks.
👀161Exahashes/sec .. that must be a record!
I guess miners are really really bullish🚀 pic.twitter.com/cGiqWhlKIx
— PlanB (@100trillionUSD) July 25, 2020
Amidst this, while trading volume on the spot market is still catching up, the derivatives market is back in the game. As we reported, open interest on BitMEX has climbed back above $1 billion and that total OI across platforms has exceeded $4 billion.
— skew (@skewdotcom) July 24, 2020
Amidst the ongoing bullishness, Bitcoin has also found a new supporter in the form of chess grandmaster Gary Kasparov who believes a “steady rise in popularity” of bitcoin and other cryptos is “inevitable” because “it’s a response to the shift of power from individuals to states or other institutions that may act on our privacy without our consent.”
To him, the good thing about bitcoin is the “magic number of 21 million” and that people understand the formula behind that, unlike the fiat money which is in Fed’s control and “you never know how many trillions of dollars will appear on the market tomorrow that will damage your savings.”
Bitcoin Pushes Altcoins Higher
As bitcoin recorded gains, top cryptos started seeing some action as well. Ethereum is leading among the top cryptos which rose 28% this week.
“BTC breaking out is kind of the last catalyst. While a lot of stuff will pull back in a btc rip, it's hardly a bearish scenario,” said analyst Cetris Paribus. The bearish scenario according to him would be if at this point BTC and ETH stay flat for a few months and money just shuffles around the rest of the market.
For now, altcoins are enjoying bitcoin’s upwards movement. Even Litecoin broke out which analyst rekt capital says is a sign that “altcoins are setting themselves for a massive bull run.”
Among the top crypto's, Cardano (17.25%), Litecoin (14.02%), and Bitcoin Cash (10.47%) are recording good gains over the last 7 days.
This past week, the biggest gains have been recorded by YFI and Swipe which jumped about 114%, other best performers include Band (58%), TOMO (56%), VTHO (50%), ATT (38%), RUNE (28.7%), Balancer (28%), Augur (26%), DigiBute (22%), Ethereum (21%), ADA (13%), IOTA (12.68%), and Litecoin (11.67%).