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Bitcoin Continues its March, Crosses $10,500 Level for Some Time; Other Cryptos Also Surging

Bitcoin is continuing to surge for the 3rd day, and today it has briefly breached the level of $10,500. With this, it’s looking all set for a breakout.

August 02, 2019 23:32
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They were calling for more downside, but here we’re going up once again! After reclaiming the $10,000 mark on 1st of August now BTC has reclaimed one more crucial support level. We’re talking about the $10,500 level, which was breached a few hours back in the evening as Bitcoin continued its forward march for the 3rd day. Although it has retreated a bit from that mark at the time of writing this article, the momentum suggests that it’s likely to regain that level soon with a much stronger volume.

When Bitcoin had breached the $10k mark a few days ago, its critics and skeptics had gone all out of their way to claim that it will be falling back to $8k. But that didn’t happen, and those who had sold Bitcoin below $10k are now cursing the bears and pessimists. At the moment we’re once again staring at the beginning of another rebound, and there’s a good chance that BTC may reclaim its lost $13k level in the coming days.

The movement of Bitcoin’s price also leaves an impact on the prices of other cryptocurrencies – this is general knowledge to every crypto trader who has been involved in this space for any serious amount of time. So it’s not surprising to see that other major cryptocurrencies have also rebound along with Bitcoin. 5 out of top 10 cryptocurrencies are in the green, and others which are down are also not down with any significant margins (except for Litecoin), as you can see in the market snapshot shown below:

Market Situation
Courtesy: CoinMarketCap (CMC)

The top gainer of today among top 20 cryptocurrencies is Tezos, which is up 6.47% and trading at the CMP of $1.44. Top loser among the top 20, on the other hand, is Litecoin with a fall of 4.1% (currently trading at $94.5. If we expand the scope of our search to top 50, the biggest gainer is Energi token with a jump of more than 16%. It’s currently trading at $6.47. Biggest losers in top 50 are DigiByte and Nano, down 5.24% and 5.12%, respectively. While DigiByte is trading at $0.0098, Nano is trading at $1.13.

The overall market cap of the cryptocurrency market has reached $282 billion, which is $7 billion more than the market cap of yesterday. There are chances of a breakout in the prices of Bitcoin, but we’ll still advise you to be cautious at the moment as there’s no clear dominance of bulls on the entire crypto market as of now. We’re still in a mixed-bag sort of situation.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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