Bitcoin (BTC) has regained some of the positions lost during the latest bear market as it broke through the $8,000 barrier and continued to move upward. The Bitcoin price jumps usually happen fast, within the hour. In the past day, BTC started around $7,700 and reached a peak of $8,400 around 12:00 UTC before sliding back to $8,200.
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The appetite for acquiring Bitcoin and using trading to boost BTC holdings is driven by the idea that the leading coin would act as a form of reserve currency. Some compare it to gold, advising traders to accumulate at least 2.1 BTC:
https://twitter.com/DeaterBob/status/1021749016546213888
For other traders, the milestone of 1 BTC as a result of buying and selling altcoins is also seen as important. This is one of the reasons analysts see somewhat predictable cycles during which altcoins boom in BTC prices but are later sold to acquire more BTC. The leading coin now accounts for 47.1% of the entire market capitalization.
The only difference during the recent BTC downturn was that funds were parked in Tether (USDT) holdings which later flowed back into BTC. The share of USDT trading in Bitcoin has now shrunk to 23%, but at one point during the sell-off, more than 43% of BTC trades happened against USDT. The Japanese yen once again has the biggest share in terms of currency, with more than 56% of all trading.
But some believe BTC still has a long way to go, and the boost may continue until August 10, around which time the US Securities and Exchange Commission is expected to deliver its decision on a Bitcoin ETF proposed by CBOE. The recent behavior of Bitcoin may bring the bullish sentiment back to the market, and some altcoins may continue with their gains. However, previous sensation EOS has remained stagnant in the past month, while Ethereum (ETH) has made little progress, still hovering below $500.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
This article appeared first on Cryptovest
