Bitcoin Price surges by 10%, Drags Ethereum (ETH), Monero (XMR), and XRP Along As They Record Gains

It appears that the bulls have returned as we commence a week. The crypto space is bubbling once more and the overall sentiment is that this new breeze of positives will continue for an extended period. The appearance of the bulls began in the latter part of August 4. This led to the majority of tokens staying in the green zone.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,221.58
0.925%

Tokens Were Trading Marginally Earlier

At that time, the gains recorded by a section of digital assets were marginal. This was one of the first signs indicating that the bulls have turned up for the new week. The gains have spread to nearly all cryptos. The top tokens have been recording higher gains. As usual, Bitcoin is leading the table of gainers. BTC has recorded probably the highest jump.

In the early hours of August 5, BTC’s gains were as high as 12%. Since then the leading asset class has slowed down and is up by 9.53% as of when this content was published. The other members of the top ten tokens are also among the top gainers.

Other virtual coins that have been making high gains in the past 24 hours include Monero, Bitcoin Cash and Tron. As of when this report was published, the above mentioned coins are recording highs of at least 4%. Ether and XRP have made 3% gains. Ether and XRP have climbed above $230 and $0.32.

Bitcoin is back above 11k

In the early hours of August, the fresh gains recorded by the entire market seemed to have been triggered by altcoins but soon enough, the leading coin caught up with the rest of the market. The asset recorded gains of about 12%. This saw prices climb above the $11K mark to reach as high as the $11,723 area.

Although the bullish price move action has been welcomed, it’s unlikely that we will see the asset break over higher resistances like the $12,500 position.

The dominance of the number one asset class is still relatively high, having moved from about 65% to 67.85% in only a few days. Additionally, it is also evident that BTC’s latest move is not as strong as the coin’s previous rallies given the relatively low trade volume attained now when compared was recorded in the past.

BTC Has Recorded a Trading Volume of $17,000,000,000 in the Last 24 Hours

At the pinnacle of Bitcoin’s rallies, the digital asset was regularly recording daily volumes of about $30 billion. But this is the opposite today as the trade volume has failed to reach those heights. In the past 24 hours, BTC has had a daily trading volume of $17 billion. The lack of high trade volume for BTC means it is unlikely that we will see Bitcoin break any high resistance positions.

As was earlier reported, the $10K and $14K positions or price ranges could become a consolidating period for BTC. With Bitcoin price now getting back above the $11K mark, this means that investors have built confidence that the leading asset class will rally again. They are optimistic that it can take long positions with no fear of extended losses under the same price position. Will this bullish action carry on for the rest of the week? We can only wait and see what happens.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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