Bitcoin Price Holds $10,000 as US Stock Market Sees Minor Uptick
Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin broke the $10,000 mark again.
Bitcoin (BTC) price climbed back above the $10,000 mark again while the top 20 are seeing mostly red on Aug. 1.
Market visualization courtesy of Coin360
Bitcoin 7-day price chart. Source: Coin360
As Cointelegraph reported earlier today, Raoul Pal, a former head of equities and equities derivatives at Goldman Sachs UK office and the founder of Global Macro Investors and Real Vision Group, believes that Bitcoin is worth betting on in the long term — even if it’s just a 1% chance.
Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $22.7 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $13.1 billion at press time.
Coin360 data shows that ETH has seen its value decrease by about half a percent over the last 24 hours. At press time, ETH is trading around $214. On the week, the coin has also lost about 0.92% of its value.
Ether 7-day price chart. Source: Coin360
XRP is down by about 1.9% over the last 24 hours and is currently trading at around $0.312. On the week, the coin is down about 0.95%.
XRP 7-day price chart. Source: Coin360
Among the top 20 cryptocurrencies, the only ones reporting gains other than Bitcoin are Tezos (XTZ), which is up about 7.88%, Binance Coin (BNB), which is up about 3.73%, Litecoin (LTC), which is up about 2.83%, and Bitcoin Cash (BCH), up 0.13%.
At press time, the total market capitalization of all cryptocurrencies is $274.1 billion, about 1.26% lower than the value it reported a week ago.
In traditional markets, the US stock market is seeing slight gains so far today, with the S&P 500 down 0.89% and the Nasdaq down 1.41% at press time. The CBOE Volatility Index (VIX), on the other hand, has lost 1.41% on the day at press time.
Major oil futures and indexes are seeing mild gains today, with WTI Crude down 3.18%, Brent Crude down 2.71% and Mars US up 1.36% at press time. The OPEC Basket is up 0.17% and the Canadian Crude Index has lost 6.6% over the 24 hours by press time, according to OilPrice.