BITCOIN OVERCOME $ 7,000 INCREASING ITS DOMAIN IN THE CRYPTOMERCADO
At dawn today, Bitcoin exceeded the barrier of $ 7,000 per unit reaching a historic high of $ 7,367.33. Meanwhile, the altcoins market has a downward movement, with the exception of Bitcoin Cash, BitConnect and EOS, which climbed in their position in the cryptocurrency ranking.
Today Bitcoin has again broken its historical maximum price reaching a value of $ 7,367.33 per unit and even presented higher values in other exchange houses, according to CoinMarketCap. However, it has already experienced a correction that positions it at $ 7,165.17 for the time of writing this article.
With its rise, the market capitalization of all cryptoactives is even closer to $ 200 billion, reaching another new historical maximum of $ 192 billion.
With this revaluation of more than 9.43% in just 24 hours, the market capitalization of Bitcoin is positioned at more than $ 119 billion. Also the predominance of Bitcoin in the market has increased to more than 62.1% indicating a passage of funds from the altcoins to bitcoin. The largest market movements are presented with their peers in dollars, yen and won, in that order.
The price increase is driven by announcements from one of the largest future market groups, CME Groups, who said they will open options for Bitcoin futures contracts for their clients later this year. This movement has caused financial circles to take Bitcoin more seriously, to the point that the finance press has been talking a lot more about Bitcoin lately. This in turn is generating a greater knowledge of the cryptoactive in society.
Another reason that could be helping in this price increase, is the proximity of the hard fork of the SegWit2X, which, although it is different from Bitcoin Gold, could be generating the same increase effect in Bitcoin due to the probable obtaining of free currencies with this event, as evidenced recently with Bitcoin Gold.
This upward movement is likely to continue or until the fork of SegWit2X or until the moment CME Group starts offering its Bitcoin futures service, although even in such scenarios it could not stop.
This behavior could be supported with the Bitcoin Transaction Value Network to Bitcoin indicator, known in English as Bitcoin NVT Ratio, which indicates the value of the network according to the flow of dollars in it. This indicator refers to when the Bitcoin is being overvalued, when its value passes more than 100, which could indicate a strong correction in its price. As the following graph shows, the Bitcoin NVT Ratio for yesterday showed a value of 66.95, which indicates that up to now it has an organic growth that will be sustained unless there is any news that makes its value fall.
THE ALTCOINS TO THE LOW, EXCEPT FOR BITCOIN CASH, EOS AND BITCONNECT
With respect to the altcoins, most of these present downward movements due to clear movement of funds towards Bitcoin. This is reflected in the increase in the predominance of Bitcoin up to 62.1% when at the beginning of the week it was 56.59%. This behavior could be better observed in the following graph, where it is observed that since a few days ago the market capitalization of the altcoins has shown a downward trend.
Bitcoin Cash and EOS are among the altcoins that present a different behavior and even with a good value in their price. In the case of Bitcoin Cash, it presents a valuation of more than 14% in 24 hours, according to CoinMarketCap. Currently, its price is being handled at more than $ 567.74 per unit. The biggest movements of these have been made with their pair of Korean wons by three exchange houses led by Bithumb; followed by transactions with dollars and Bitcoin. These movements have made Ripple outperform market capitalization, now ranking third in the cryptocurrency ranking.
The possible reasons for this increase could be due to its next hard bifurcation, to correct the problems of drastic changes in its difficulty of mining, which makes it have different speeds in the formation of blocks in its network. Another possible reason is the uncertainty that some investors may have with the SegWit2X bifurcation and are being backed by the cryptoactive Bitcoin.
In the case of EOS, there is evidence of a revaluation of more than 26.21% in just 24 hours, with a price of $ 1.02 per cryptoactive. The market with the largest transactions is Bitfinex, mainly with its pair in dollars, followed by BTC and ETH. One of the reasons behind this increase could be the publication of the new update of its advances by the developer team.
Finally, BitConnect increases its price by 9.80%, reaching a price of 256.33 dollars by the time this note is written, with exchanges made mainly with Bitcoin in specialized exchange houses such as BCC Exchange.
It has been a busy week for cryptoactives, either due to an increase in the price of Bitcoin and lowering of most cryptoactives. For now, the winners of the day are Bitcoin, Bitcoin Cash and EOS.
img credz: pixabay.com
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