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Cryptocurrency Markets Surge Again, BTC Reclaims $10,000 Level

Cryptocurrency markets broke the losing streak of last 4 days today, with BTC reclaiming $10k mark. The overall market cap stands at $275 billion.

August 01, 2019 09:07
Bitcoin going up
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So finally here we’re in the greens once again! After losses of 4 days the cryptocurrency market has finally turned green, which brings a much needed sigh of relief to all crypto traders. When Bitcoin had breached below the $10k mark on 27th of June, all of a sudden there were once again the talks of it slipping back to $8k or even lower. But fortunately, that hasn’t happened and today BTC has climbed back above $10,000. Other major cryptocurrencies are also above their crucial support levels, as you can see in the market snapshot shown below:

Today's snapshot

The most important thing is that this is not a “here it comes and goes” type of rally. BTC has been holding on to the crucial support of $10k for last 12 hrs at least, which is a very, very good sign. Yes, it’s still quite lower than the high of $13,900 that it made in June, but if it continues to hold above the crucial support level of $10k then it can easily reclaim $13k mark too within next few weeks.

Speaking of biggest risers and losers, in the top 20 the biggest gainer is Litecoin with a gain of 6.23%. The biggest loser, on the other hand, is Cardano with loss of 1.73%. In top 50 GxChain and Bytecoin are the biggest gainers with surge of 24.7% and 11.7%, respectively. While GxChain is trading at a CMP of $1.86, ByteCoin at $0.00068. Bitcoin Diamond is the biggest loser in top 50, with a loss of 7.3% (currently trading at $0.76).

It will be interesting to see which way market goes from here. For now things are looking slightly mixed, because the number of cryptocurrencies in green and the number of cryptocurrencies in red is almost equal. There’s no clear dominance of bears or bulls, so things may go either way from this point. Therefore, you still need to remain extra cautious with your trades.

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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