Bitcoin has enjoyed excellent performance since the beginning of July. Bitcoin’s price currently stands at $13,107.28 compared to July 1st when it stood at $10,916. This is an increase in value by more than $2000. Over the past 24 hours, it has shown a 6.02% growth, and no other coin in the top 20 list, has been able to keep up with Bitcoin’s trend.
With Bitcoin hitting the $13,000 mark, there’s potential for it to experience another bullish run that will see it surge past $14,000.
Bitcoin’s price growth has fueled the growth of the cryptocurrency market even though it seems to be the only coin benefiting as much. It currently has a market share of 64.9%, followed closely by Ethereum. The total cryptocurrency market cap has increased from $335 billion recorded yesterday (9/07/2019) to a high of $353 billion today.
What’s the cause behind Bitcoin’s Trend?
The price trajectory being taken by Bitcoin currently can be attributed to the increase in Hash rate, which indicates that there’s more computing power. Historically, an increase in hash rate is often followed by Bitcoin’s price growth.
Another possible reason why Bitcoin is performing so well is the hoarding of Bitcoins by miners because of the approaching halving of block rewards. This has led to decreased supply meeting high demand, which economically leads to a increase in BTC’s price. This factor suggests that the price may remain at its highs for quite a while since we are ten months away from the halving.
As stated earlier, things are not looking well for other coins in the market. Here’s how the other top four coins have performed in the past week:
I. Ethereum– for the past few days, ETH has experienced a daily loss of about 3%, but it has however managed to maintain its price above the $300 mark. It has a market share of $33.1 billion, with its price trading at $310.19.
II. XRP– over the past 24 hours, Ripple’s XRP has experienced a change of about -0.36%. XRP trades at $0.3953 with a market cap of $15.2 billion at the time of writing this.
III. Bitcoin Cash– the coin has finally gotten to position four after overcoming Litecoin. Currently the 4th largest coin in terms of market cap, BCH trades at $419.44 which is a 0.60% change compared to a similar time like this yesterday.
IV. Litecoin– having slid to 5th place, Litecoin currently trades at $118.66. The coin has a total market of $6.4 billion, which is slightly lower than BCH. However, it is expected that it’s price will increase once it halves this August.