Bitcoin Records The Highest Dominance Since April 2017 As It Hits $12k In Mega Recovery, Higher Highs On The Way?

Bitcoin News Update – Recently, the king of cryptocurrency, Bitcoin (BTC), witnessed a surge. The crypto asset has retaken $11,000 in the previous week. Fortunately, its price has made intense upward movement in the last few days. The cryptocurrency has traded at $11,800 on August 5. With a final push, Bitcoin has reclaimed $12,000, the highest dominance since April 2017.

Bitcoin News Today – Bitcoin Latest Update – Bitcoin Price Prediction – Bitcoin Surge May Favor Some Altcoins

Josh Rager, an analyst, and trader pointed out that some altcoins will go up in USD. However, the majority of them will be outperformed by BTC. XRP and Ether (ETH) recorded some slight gains when bitcoin reclaimed $11,000 during its recent surge. Consequently, Bitcoin recovery and dominance may be bad news for the majority of the altcoins.

Bitcoin (BTC) Price Today – BTC / USD [ccpw id=”8759″]

Josh Rager predicted that Bitcoin market cap dominance might never return to its all-time lows of 35% recorded in 2018. Currently, it is at 68.4% and has recorded a high for over two years. Bitcoin’s recovery to $12,000 may be an indication that the cryptocurrency’s readiness to challenge its 2019 local high. The digital currency reached $13,800 in June.

According to data from Coin360, Bitcoin recorded over 25% in weekly gains. The 7-day chart showed that BTC/USD reached $12,142 on August 6. Despite the continuing tensions in the trade war between the United States and China, the BTC/USD pair is now trading at its highest price since July 11.

Besides, the upward movement of Bitcoin over the weekend coincided with pressure on stock markets. The U.S designation of China as a currency manipulator and the unrest in Hong Kong may have negatively affected the stock markets. Major altcoins also saw green due to the recovery of the top cryptocurrency.

Bitcoin Price Prediction – Bitcoin Prediction – Bitcoin Market Update – Some altcoins gain as Bitcoin Surges

Unlike other altcoins, the price of Ether (ETH) is more correlated to that of Bitcoin. The token, regarded as number two cryptocurrency has recorded slight gains. It has gone up by 10% on the week and currently trades at over $229.29. Ripple (XRP) and Monero (XMR) have also seen mild gains.

XRP which ranks as the third-largest cryptocurrency has shot up by 0.77% at press time. However, the altcoin has been trading sideways most of the time. At the time of the report, XMR is almost 5%up on the day and trades at $94.40. Among the top 20 altcoins, XMR recorded the highest gain on the day.

Though trading sideways and down by 0.06% on the day as at press time, Tezos’ (XTZ) is another altcoin that has seen a slight gain. Following its listing on Coinbase Pro and eToro, XTZ price shot up over 40% on the week.

Bitcoin News Update – Bitcoin News Today – Bearish Trend overturned by Bitcoin Bulls

The bullish move that changed the crypto market trend may have triggered the regulatory scrutiny of cryptocurrency by Washington. The pressure on stock markets may have contributed to the recent recovery of Bitcoin. Fortunately, some altcoins benefited from the situation. However, altcoins investors who were waiting for a rally during the Bitcoin comeback year may not be favored.

What do you think about the Bitcoin news today? Will the bulls retain control of the market? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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