The market is attempting to move away from the sideways trend seen in the last day or two.
The top coins continue to experience pressure on the daily charts. Experts predict that we are likely to see Bitcoin rally to higher prices level before it retests levels near $5k.
According to BitMEX CEO Arthur Hayes, the price of the leading crypto is still to see more upsides. He gave his comments to CNBC saying:
“I think the current rally will top out close to but not greater than $10,000. Then we will fall and test $5,000. If that holds then we can rally to $50,000 by year-end.”
BK Asset Management’s Boris Schlossberg, who is a known Bitcoin bear, has also said that he believes the current Bitcoin pullback will likely rise to hit $8,000.
A rally for BTC will likely see the rest of the market make similar moves. The current total market cap is $279 billion; about $14 billion lower than it was yesterday.
Daily trading volume for the entire market is $14.3 billion. BTC dominance in the market now stands at 45.3 percent.
Bitcoin (BTC) went up strongly, in the last two weeks, climbing from its June’s bottom at $5700 to hit over $7,500.
However, the top coin finds itself in a tough position at the moment. Despite efforts seen a day ago, it has failed to consolidate above $7,400 against the US dollar.
BTC topped its recent prices at a high of $7,594 last night, but failed to sustain momentum and dropped to a low of $7,262.
Today, Bitcoin is trading at $7,360 and has declined by 1.47 percent over the last 24 hours.
Even though Bitcoin is trending lower on the daily charts, it remains slightly bullish and has maintained its momentum above support above $7,300. It currently is trading at over 16 percent higher over its price in the last 7 days.
Unlike July 20when the leading cryptocurrency had a series of ups and downs, today’s price movement has been somewhat smooth.
Bitcoin spots a current daily trading volume of $4.6 billion, and a market capitalization of $126.5 billion.
Ethereum (ETH) prices have faced stiff resistance at prices closer to $470 in the last twenty-four hours.
The 2nd largest cryptocurrency reached a high of $466 on the day, but failed to hold and dropped to $443. It has a market cap of $46.4 billion and a daily trading volume of $1.7 billion.
However, it has experienced a series of smaller breakouts, trading in spurts of higher highs and higher lows. It has seen buyers offer much-needed support that has kept it above $462.
The coin has a short-term bullish trend, even though it may not be enough to see prices surge in higher gains.
At the moment, ETH/USD is trending towards the green on the hourly charts and is about 2 percent higher since the start of the day.
On the 24h charts, ETH is just 1 percent in the green and looks ready to attempt to test $470. If it touches that level, it could open up $480 once more and challenge $500 this weekend.
Ripple continues with its struggles below $0.50, finding support at prices near $0.45.
The third largest cryptocurrency has seen some bashing of late, with sentiments from certain experts declaring that it isn’t a real cryptocurrency.
There’s also that very vital matter of whether the SEC will declare XRP a security or not.
Nevertheless, XRP continues to attract investors and may see its price gain as the market adjusts after a two-day slowdown.
XRP/USD is trading at just above $0.452 and is building a positive momentum on the hour-to-hour chart.
That means it could see an upside to test prices above $0.475, and on the higher end, open July 18 levels.
The early morning bearish outlook has meant that market cap and daily trading volume has fallen short of yesterday’s values.
It has a market capitalization of $17.7 billion and an average trading volume of $256 million.
EOS is trading at just above $8.00 at the moment, having declined by about 3.5 percent in the early trading hours today.
However, it has seen the price claw back the losses. It’s now trading about 1.5 percent in the green on the hour-to-hour charts.
EOS market valuation is $7.25 billion, lower than the $off the recent high of $7.5 billion recorded yesterday.
It has an average daily trading volume of $699 million, which has also dropped from yesterday’s value at $810 million.
The 5th ranked EOS broke above $9.00 a few days ago but failed to sustain momentum to $10.
It has since dropped to a low of $7.70. A series of low highs has seen it move back above $8.00 but remains weak.
The EOS/USD pair is likely to get stronger once its price reaches $9.00. Any downside will see it get support at $7.50 and worse at $6.9
Meanwhile, the EOS network has seen its transaction speed exceeds get past those of Visa. However, its prices might need more than that to break above the critical $10 level.
Stellar (XLM) is the best performing altcoin today with its price rising consecutively in a series of high gains.
The Lumens surpassed LTC earlier this week and has consolidated that spot with today’s price surge.
The 6th ranked coin saw its price rise sharply from $0.259 to hit $0.280 before a slight pullback took it to $0.273.
However, a correction above that level has seen its value trade higher over the hourly charts. It is currently over 3.7 percent higher over its price in the last 24 hours and nearly 40 percent in the last 7 days.
There’s a bullish momentum forming and XLM is set to test $0.29 and could reach 30 cents over the weekend.
Daily trading volume has also been rising, hitting $143 million earlier in the day. It has however dropped off to currently stand at $126 million. The coin’s market cap is now $5.6 billion.
Stellar continues to gain on account of the recent good news. The possibility of being listed on Coinbase and a boost from its Sharia-compliance news may help see XLM hit new higher prices this weekend.
Litecoin finds itself in 7th position in the market in terms of market capitalization after being surpassed by Stellar (XLM).
This, however, hasn’t tempered the outlook of LTC creator Charlie Lee, who has dismissed the Jed McCaleb coin by congratulating it then saying:
“That said, it really doesn’t make sense to compare marketcaps of coins that are “printed”, b/c they have an inflated market cap. Maybe I’m old school, but I only care about decentralized mineable coins.”
He has also courted controversy by asking his followers to join him in signing a Change.org petition asking for the release of Silk Road creator Ross Ulbricht.
Litecoin had traded nearly 3 percent lower in the morning, seemingly on a downtrend. LTC is, however, looking to test prices near $90 if the positive momentum holds.
The coin is trading in the green in both the 24h and 7-day charts, following an upside that has seen its value rally from a low of $80.68 to hit a high of $83.68.
It has a market cap of $4.8 billion and has seen its volume fluctuate over the day.
It hit $284 million early in the morning, then declined to $273 million and has since risen to the current $280 million. Interest in Litecoin is still high, especially with its use as a payment currency.