Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Sunday, Aug. 4 — Bitcoin (BTC) has continued to gain momentum today, with its price nearing the $11,000 mark. The top 20 cryptos by market capitalization are seeing mixed results on the day, with most gains and losses around or under 2%.

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Market visualization from Coin360

Bitcoin has seen a major bullish move this week, up 15% from around $9,500 to almost $11,000 at press time. Over the past 24 hours, Bitcoin has continued to grow steadily, having its price increase by 1.66% to $10,944 at press time.

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is down around 0.6% to trade at $219.95. Still, over the past week, Ether is up almost 6%, according to CoinMarketCap.

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Ether 7-day price chart. Source: Coin360

XRP, the third-top cryptocurrency by market capitalization, is seeing gains at press time, up 1.76% to $0.322 over the past 24 hours, growing 4% over the past seven days.

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

XRP 7-day price chart. Source: Coin360

Tezos (XTZ), the 15th-top cryptocurrency by market cap, has seen the biggest gains among the top 20 coins over the past 24 hours. At press time, XTZ is up 7.97% to trade at $1.48, according to Coin360.

Moreover, Tezos is also the winner of the week, as its price increased by 47% over the past seven days. On July 30, Cointelegraph reported that major American crypto exchange Coinbase will list Tezos on its professional trading platform on Aug. 5.

In contrast, Chainlink (LINK), the 17th biggest coin by market cap, is seeing the largest losses out of the top 20, down 3.94%, according to Coin360.

Total market capitalization amounts to $284 billion at press time, up from around $260 billion seven days ago. Daily trade volume slightly declined from its weekly highs to $47 billion at press time, according to CoinMarketCap.

Yesterday, American broadcaster and major Bitcoin bull Max Keiser predicted on Twitter that Bitcoin price will cross $15,000 this week, arguing that confidence in centralized money and institutions is at a multi-decade low. Earlier in July, Keiser made another bullish forecast for Bitcoin, claiming that the upcoming crypto rally will not include altcoins.

Meanwhile, Bitcoin’s market share has been steadily breaking yearly records over the past week, up from 64% to 66.8% at press time.

Bitcoin Nears $11,000 Mark While Altcoins See Mixed Results

Bitcoin’s dominance on the market over the past year. Source: CoinMarketCap

Recently, Cointelegraph reported on crypto index provider Bitwise suggesting that Facebook’s cryptocurrency project Libra fast-forwarded crypto’s future by two to three year.

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  • Tom Gilchrist  

    Alts will start to dominate, when BTC falls again. Stablecoins are making a strong usecase, but people love the volatility and the maximization in profit from it. Psychological reasons!

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