Major Altcoins Rally as Bitcoin Sees Slight Gains
Major altcoins are rallying on the day as Bitcoin makes mild gains following yesterday’s slump.
Market visualization. Source: Coin360
Bitcoin has been trending down this week. Bitcoin retook $13,000 on July 9 before sinking all the way down to under $10,000 by July 16. At press time, BTC is trading just over $9,800 with a 2.64% gain on the day.
On July 4, analysts at SFOX conjectured that Bitcoin could rally in light of the American national holiday Independence Day, arguing that holidays in the midst of a bull market tend to spark FOMO. However, Bitcoin did not see any significant gains on the holiday, and is now sitting around $2,000 down from its price level 13 days ago.
Bitcoin 7-day price chart. Source: Coin360
Top altcoin Ether has had a bearish week, like BTC, mostly seeing a steady decline over the last seven days. It saw a fairly sharp fall on July 14, falling by about $200 in approximately an hour, without recovering. However, the number two cryptocurrency has recovered by approximately 8.3% on the day, and is sitting above $214 at press time.
Ethereum 24-hour price chart. Source: Coin360
Ripple’s value has also largely been on the decline for the past seven days. However, it has recovered almost 9% at press time — the largest daily gain out of the top three cryptocurrencies — and is trading just shy of $0.318.
According to a price analysis by Cointelegraph, however, XRP is currently one of the worst-performing major cryptocurrencies. Its next price level supports are reportedly $0.27795 and the yearly low of $0.24508.
XRP 7-day price chart. Source: Coin360
Litecoin (LTC) has seen impressive daily has, rallying by over 16% at press time to trade at $92.37.
The Miami Dolphins, an American pro football team, announced on July 12 that they had adopted LTC as the team’s official cryptocurrency. The Dolphins will reportedly endorse the altcoin, and set up home stadium kiosks that allow fans to buy 50/50 raffle tickets with LTC as well as BTC.
The total market cap of the top 100 cryptocurrencies is currently under $254 billion, according to the data provided by Coin360’s summary table. This is approximately a $76 billion dropoff since July 4.
Traditional markets, meanwhile, are virtually all slumping. Gold is the only major traditional asset seeing mild gains at press time, according to data provided by MarketWatch.