Bitcoin (BTC) Still Holds Its Major Gains of the Week

Reddit co-founder praises Bitcoin, says it's a store of value against hyperinflation; to fuel new internet

Bitcoin (BTC) has isolated itself from other digital currencies and showed some resilience by holding on to the gains it managed to secure in the major upsurge that started earlier this week. The largest digital currency by market cap – Bitcoin (BTC), has managed to retain a greater percentage of its weekly gains, while most top coins are finding it difficult to maintain positive momentum.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%

At the time of writing, Bitcoin (BTC) is changing hands at $7,320 – which is not far away from the high it tested this week. The market cap of the digital currency has also risen to $125.34 billion and its trading volume over the past twenty-four hours is $4.95 billion.

The Positions of Bitcoin (BTC) Weekly and Monthly Gains

The monthly and weekly gains of Bitcoin (BTC) are in a positive zone, at about 20% and a fraction of a percent respectively. Commenting on the strong price rally of the digital currency this week, the CEO of BitMEX (a digital currency trading platform) – Arthur Hayes, said that the present bullish trend may yet pave way to a price point of $5k before heading towards the $50k mark this year.

The price performance of the second largest digital currency by market cap – Ethereum (ETH), has been less buoyant, and it has lost about 2.5 percent of its value over the last twenty-four hours. The digital currency traded as high as $510.8 on the 18 of July, but it’s trading close to the $450 mark.

The Market Cap of All Digital Currencies

The total market cap of the entire digital currency market has also reduced a bit. At the time of writing, the market cap has reduced from its weekly high of $299 billion to $283 billion over the last twenty-four hours. Bitcoin (BTC) still seems to be in a bullish zone, and an increase in its value will cause the values of other digital currencies to increase as well.

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