Market Analysis

Cryptocurrency market update: Bullish run underway

The cryptocurrency market has been in a red zone for a while, but things are finally looking up. Every leading virtual currency has experienced gains of more than 2% in the past 24 hours. The gains have increased the total market capitalization to $,178,336,498 and Bitcoin’s dominance has increased from 64.8% to 65.9%.

Virtual currency Market Overview

Bitcoin

The leading virtual currency has surged past the $10,500 mark today, which is a 10% gain in the last 72 hours. At the time of writing this, BTC/USD is trading at $10,538 with a total market capitalization of $188 billion.

Investors and other traders have attributed Bitcoin’s growth to the move by the US federal reserve to cut down interest rates. This is the first time in ten years that the US federal reserve has reduced interest rates, which showed that the reserve was ready to support economic growth.

A report released by square payments company owned by Jack Dorsey has also given the Bitcoin market a boost. The company announced that it had made $125 million through bitcoin sales in the second quarter.

However, the supply of Bitcoin is almost exhausted as 85% of all the coins available are already in circulation.

Ethereum.

Ethereum has shown a gain of 3.86% in the past 24-hour trading period. The ETH/USD pair trades at $221.01 up from yesterday’s high of $218.81. Its market capitalization has increased to $23.2 billion, which represents a daily growth of 1.28%.

XRP

Ripple’s XRP has maintained its value in the $0.3100 and $0.3200 bracket for quite a while now. The coin is struggling to create a new resistance above the $0.32000 mark. At position three, XRP has a total market capitalization of $13.6 billion with a 24-hour trading volume of $855 million.

Litecoin

Much attention is drawn to this virtual currency has it approaches its halving, which is only three days away. The LTC/USD pair trades at $98.06, which is a drop of about 2% compared to yesterday’s high of $100.26. There are mixed reactions and views about what will happen to the price of Litecoin after the 5th of August, and we shall have to wait to see what happens after block rewards halve.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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