The market momentum is slowly building up as Bitcoin made its move this morning in the Asian Markets. It is steady and stable and the altcoins are taking advantage of the upsurge this Tuesday morning
The market capitalization has jumped from $217.7 Billion to $228.2 Billion which makes an $8 Billion of additional money in the market. This is almost the same level three weeks ago before the Bitcoin ETF news brought FUD to the market. The trade volume has inched up to $12 Billion. Bitcoin could be leading the market again and if it continues its momentum above $7k it might bring a good entry for September.
Bitcoin (BTC) has been climbing steadily and the technicals are off the charts. It has posted 3.02% growth and is now trading above $7k. We’ve crossed the $6800 resistance and also squarely hit the $7k resistance. The volume is back to $4 Billion and perhaps there could be enough support to shake off the bears.
Ethereum has managed a decent 2.97% and jumped $10 to $285. It managed to clear several resistances at $277 and $282. It might correct back to $277 or on the upside, move with Bitcoin and push towards $295 in the short term. We are still waiting for it to cross back to $300 before it can begin the process of recovery with a chance for good gains.
Our altcoins in the Top 10 are all green at the moment except for a negligible amount on the USDT. IOTA is still leading the top gainers since yesterday. Over the week, this coin has climbed from $0.525 to its current price at $0.715. It has made 16.88% on the day. Yesterday, it had a rumor about a possible partnership with Volkswagen but today, the upsurge was due to an official announcement the release of its desktop wallet and an announcement by Fujitsu that it is ready to use IOTA as its new protocol standard. Cardano is next and trading at $0.10 with 6.46% gain. Litecoin, Stellar, EOS, and XRP has made an average of 4% on the day and poised to make good gains in the short term.
The Top 25 altcoins are having a good day with some performing better, of course. DASH is having a good day with 25.92% upsurge on the day and trading at $183.55. This privacy-focused altcoin, a favorite in Latin America, has announced that it’s working together with Kripto Mobile to bring more adoption to cryptocurrencies in general. Kripto would be developing a new line of cryptocurrency-enabled mobile phones and would open up a huge market. It is good to know that news like this can still push a coin up and not simply rely on the BTC movement or technicals.
Luis Sosa, Kripto Mobile co-founder, said;
“We are seeing an incredible transition period in Latin America with those who are unbanked, underbanked or simply do not want to use the traditional banking system. Combining our accessible, affordable phones with Dash’s InstantSend transaction capabilities and low fees will provide a myriad of benefits to these communities.”
The rest of our double-digit gainers on the Top 25 are on 10% average which features 0x, NEO, and Zcash.
Further down in the Top 100, GAS is pumping at 21.39% and has managed to get back to $7.11. TaTaTu, the star-studded token with mind-boggling ICO offering, is now at $0.79 with 13.38% gain on the day. Bytecoin also has 13.20% growth on the day. Other double-digit gainers are DigiByte, MetaverETP, and Reddcoin.
This article first appeared in CoinDNA – Crypto Market Momentum Slowly Building. Bitcoin Finally Moves and Dash Sprints After A Partnership Announcement
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