The BTC markets have gained approximately 30% in two weeks, with prices currently sitting at $8,300 USD after roughly 48 hours of consolidation above $8,000. After producing gains against the dollar, many other leading cryptocurrency markets have continued to produce inverse correlation when measured against BTC.
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BTC Consolidates Above $8,000
The price of Bitcoin Core (BTC) has gained roughly 30% in the last two weeks following the strongest fortnight of trading since April. Ten of the last thirteen days have produced red candles, with prices rising from approximately $6,200 to $8,200 as of this writing. The last two weeks of trading have also produced a notable spike in daily volume, with the 24th of July producing the highest trade volume for BTC/USD on Bitfinex since the 25th of April.
With the markets appearing to have established an immediate bull channel, many analysts are expecting that FOMO leading up to the United States Securities and Exchange Commission’s determinations regarding Chicago Board Options Exchange (CBOE)’s proposed bitcoin exchange-traded fund may drive the BTC markets to test resistance at approximately $10,000. Should the immediate trend fail, the markets will likely drop to retest the local support areas of either $7,500 or $6,800.
BTC currently has a market capitalization of $142 billion and a market dominance of nearly 47%.
BCH Gains Over 25% in Two Weeks
Bitcoin Cash has also enjoyed a bullish fortnight of price action, with the BCH markets gaining approximately 28% since testing support at roughly $660 on the 12th of July. Since then, the BCH/USD markets appear to have begun to form an ascending triangle formation – with current prices sitting at approximately $830 on Bitfinex.
Despite the gains against the dollar, BCH/BTC has continued to lose value against BTC, with the BCH/BTC markets continuing to follow the descending channel that has guided price action since May. Since the start of June, Bitcoin Cash has lost roughly 30% against BTC – falling from 0.15 BTC to the current levels just above 0.1 BTC.
As of this writing, the BCH/BTC markets appear to be testing both the ascending and descending trendlines comprising a symmetrical triangle formation that has guided price action from the markets’ inception 12 months ago. BCH is the fourth largest cryptocurrency market with a total capitalization of roughly $14.6 billion and a market dominance of nearly 5%.
ETH Suffers Losses Against BTC
By contrast, the second largest cryptocurrency by market capitalization, Ethereum, has gained just 10% over the last ten days, rising from approximately $435 to $475 as of this writing. So far, the long-term ascending trendline on the ETH/USD chart dating back to May last year has continued to hold up.
Between the 15th and 18th of July, Ethereum gained 15% in three days, rallying to test support above $500. The markets immediately gave back most of the gains, retracing by 10% over the next three days before consolidating. On the 24th of July, ETH rallied by 7% over the dollar.
When measuring against BTC, Ethereum has lost 18.5% in the last two weeks, falling from 0.708 BTC to roughly 0.058. The market capitalization of ETH is $48.6 billion. Ethereum has a market dominance of 16%.
XRP and EOS Channel Sideways
The price of XRP, the third-ranked cryptocurrency by market cap, has consolidated within a roughly 20% range over the last 30 days, with fiat prices fluctuating between approximately $0.43 and $0.52 since the last week of June. As of this writing, XRP is trading for $0.46.
When measuring against BTC, the XRP markets have produced an eighth consecutive red candle after falling from approximately 0.00009 BTC in the last week of April to roughly 0.0000565 as of this writing. Over the course of the last two weeks, XRP/BTC lost approximately 20% to break into new lows for 2018. The market capitalization of XRP is $18.25 billion, and the market dominance is 6%.
The fifth largest crypto market by capitalization, EOS, has produced comparable price action to XRP in recent weeks, consolidating within a nearly 30% range over the course of the last five weeks when measuring against the dollar. As of this writing, EOS is trading for $8.6 after gaining 15% in two weeks following a bounce from the third point of contact with a major ascending trendline dating back to November 2017.
When measuring against BTC, seven of the last eight weekly candles produced by the EOS/BTC markets have been red, with EOS having lost nearly 45% in two months, falling from over 0.00185 BTC at the start of June to roughly 0.00105 BTC as of this writing. EOS has a market cap of $7.865 billion and a market dominance of 2.6%.
Stellar Bucks Trend, Gains Over BTC
Of the top ten cryptocurrency markets by market capitalization, Stellar has been the sole market that has posted consistent gains over BTC in recent weeks. Stellar has gained roughly 28% during the last two and a half weeks, rallying from approximately 0.000031 to nearly 0.0004 as of this writing.
When measuring against USD, Stellar is up 45% in the last ten days rallying from $0.22 to $0.32. In the last 30 days, Stellar has gained nearly 70% from roughly $0.19 on the 25th of June.
Stellar is the sixth largest cryptocurrency by market cap with a capitalization of $6.3 billion and a market dominance of over 2%.
Do you think that the altcoin markets will continue to shed correlation with BTC? Share your thoughts in the comments section below!
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The post Markets Update: BTC Gains 30% in Two Weeks, Alts Lose Correlation appeared first on Bitcoin News.
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