Bitcoin Reclaims $10,000 as Alts Rally
The crypto markets are seeing a surge of green, with altcoins posting the strongest gains and Bitcoin breaking back above the psychological price point of $10,000.
Thursday, July 25 — the crypto markets are seeing a strong surge of green, with altcoins posting the strongest gains and Bitcoin (BTC) breaking back above the psychological price point of $10,000.
Market visualization. Source: Coin360
While still short of its intra-week high of over $11,000 (July 21), today’s recovery has brought the coin to a circa 4% gain on its 7-day chart.
In an interview on the podcast Unchained this week, Pantera Capital founder Dan Morehead analyzed the cryptocurrency’s logarithmic growth rate and forecast that Bitcoin could hit $42,000 by the end of 2019, and even potentially reach $356,000 within a couple of years.
Bitcoin 7-day price chart. Source: Coin360
Top altcoin Ether (ETH) has posted a strong gain of close to 7% and is trading around $222 by press time. Despite recent fluctuations, the coin has held ground above $200 consistently throughout its 7-day chart. On the week, ETH is up by 5.2%.
Ether 7-day price chart. Source: Coin360
XRP is seeing a mild 2.3% gain on the day, while among the remaining top ten coins several alts are seeing more significant upward momentum: Litecoin (LTC), Bitcoin Cash (BCH) and Stellar (XLM) are all posting strong 4-6% gains. Eclipsing all other top market cap assets is EOS, which is trading 8% up on the day at roughly $4.53 by press time.
EOS 7-day price chart. Source: Coin360
The fact that altcoins have spearheaded today’s market recovery will receive close attention from commentators in the space, some of whom have argued recently that the asset class is likely to face a bubble-like collapse. Others have taken the opposite view, anticipating a resurgent alt season or suggesting that a maturing market will likely strengthen rather than diminish the correlation between Bitcoin and other cryptos.
Total market capitalization for all cryptocurrencies is at $277,989,303,608 at press time, according to Coin360 data.