[2018-07-23] Bitcoin Price Hits $7700 as Other Coins Remain Relatively Sluggish

[ivanpoldark]

The Bitcoin price rose by nearly 5% overnight on Sunday to touch the $7700 level after having had a relatively quiet Sunday trading between the $7400 and $7500 mark. This unexplained boost could probably be due to more investors taking their money out of other crypto currencies and sliding them into the top cryptocurrency.

At 9 am CEST on Bitfinex, the Bitcoin price was trading at around $7660 – a rise of 4%. Other coins were still relatively at low levels however with Ethereum trading at around $466 – a mere 1% increase whilst Ripple and Litecoin remained relatively stable in the $0.46 and $86 levels respectively.

According to analysts, it could mean that a bullish forecast is on the way for bitcoin price. A sell-off could trigger the opposite direction although the considerable increase in volume which almost touched the $1 billion mark across all exchanges, could see that scenario dissipate quite quickly.

However, if the current momentum continues, one should expect the 55-period-EMA to cross the short-term averages once more, creating another potential bullish setup as it edges closer toward its next psychological target of $8,000. If that target is breached then the price could go all the way to the $10,000 level in a very short space of time and potentially drag other coins with it.

Currencies which had seen consistent gains over the past week also performed well over the weekend and on Monday. Stellar Lumens rose by around 8% on Sunday and by a further 4% on Monday to trade at over the $0.30 level whilst Cardano also rose by around 7% to reach the $0.18 mark. NEO was still slightly sluggish and only posted a minimal 1% increase over the previous 24 hours to settle at around $34. Litecoin was also up by around 3% to settle at the $85 level with a push for the $90 level not untoward if the current levels of turnover persist.

Ethereum Classic was sluggish with a 2% rise to settle at the $16.60 level whilst VEN and ONT remained relatively stable in the $1.83 and $3.23. There was little movement in other coins with smaller market caps with IOTA up 2% to the $1 level again whilst ICX registered a similar 2% rise to the $1.39 level.

https://www.ccn.com/bitcoin-price-hits-7700-as-other-coins-remain-relatively-sluggish/

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[1Referee]

I'm quite certain that the lack of correlation in the last days/weeks will continue till the ETF gets rejected. If you look at the BTC ratio of most altcoins, it has gone down significantly, which indicates that people are dumping altcoins for Bitcoin. They could technically sell for fiat, but that would trigger KYC/AML bullshit, which most people have zero interest in.

Ethereum dipped from 0.086BTC to below 0.06BTC, which is the lowest ratio in more than four months time.

BCash dipped from 0.185BTC to 0.105BTC, which again is the lowest in more than four months time.

Another negative aspect for altcoins is that miners only interested in fiat will have to hold their coins or sell down the fiat pairs. It's time for Bitcoin to shine.

[hatshepsut93]

Alts drop in their BTC value and stay the same in their USD value because the market is not really bullish. In the last year, there was a repetitive patter of Bitcoin going up and alts following after a day or two. This time investors are not sure if Bitcoin will hold the price, and without Bitcoin rally there can be no altcoin rally. Noobs are fooled by the numbers like marketcaps and dominance, but Bitcoin's real dominance is 100%. Anyone who is ignoring or dismissing Bitcoin while investing in alts is just dumb.

[Theb]

The traders are also pulling out there money on altcoins and putting all their bets in Bitcoin as it is only the big mover in the Top 10 right now. This had happened a lot before and I consider this normal as all traders want right now is a mover and they don't want to get their money stuck in a altcoin that is going down. Also with bad news just like Ethereum having a clog network it is giving traction to this kinds of opppsite price movement in favor of BTC.

[milewilda]

The traders are also pulling out there money on altcoins and putting all their bets in Bitcoin as it is only the big mover in the Top 10 right now. This had happened a lot before and I consider this normal as all traders want right now is a mover and they don't want to get their money stuck in a altcoin that is going down. Also with bad news just like Ethereum having a clog network it is giving traction to this kinds of opppsite price movement in favor of BTC.

You are right and this kind of scenario isnt really new at all and we have seen back in the past on how bitcoin and alts move its price way differently or sometimes they are correlated but the fact when we do see Bitcoins high dominance then we can really always presume that traders or investors are converting to bitcoin by just simply pulling out their altcoin investment due to some bullish reasons.
We are currently seeing trying out to break 7700-7800 resistance if it would able to pass through then we can say its already ready for bullish run but i do somehow expect for some pullbacks later on.

[TraderTimm]

When Bitcoin starts to rally, all the alts and shitforks suffer.

BTC +2.98%

BCash -3.00%

Typically the pumps on BCash are 2x the BTC percentage change. So right now, it should be up 6% or so -- but that relationship has decoupled.

Interesting.

[1Referee]

When Bitcoin starts to rally, all the alts and shitforks suffer.

BTC +2.98%

BCash -3.00%

Typically the pumps on BCash are 2x the BTC percentage change. So right now, it should be up 6% or so -- but that relationship has decoupled.

Interesting.

More interesting and BCash fun;

BCash hashrate tested a three month low today. One week ago it peaked at 6000PH and today it tested 3550PH.

Bitcoin's block times are currently 15% faster than BCash's block times.

On Twitter Roger is trying to get rid of the bad taste in his mouth by trashing LN now he has nothing to trash Bitcoin for. 

Hilarious.

[BitHodler]

Also with bad news just like Ethereum having a clog network it is giving traction to this kinds of opppsite price movement in favor of BTC.

I don't think it's actually bad news for Ethereum. All it does is point out that people are willing to pay the fees in order to get their transaction through. People see this as a negative event, I see it as increased demand.

Coins with no network activity won't ever suffer from high fees, which is exactly why they never take off. Full blocks have proven to be a successful way of increasing value, and usually add to their decentralized longevity.

Ethereum's blockchain size has grown past the 1TB mark already, and that within a very short period of time due to the ICO hype eruption. If things stay as they are, it will become a 2TB blockchain within a year from now.

[felixesteban]

In some altcoins, decline still continues and as if they seems to have not found their bottom levels. If the 7800 resistance point breaks, a recovery may begin soon. The dominance is also quite high for bitcoin. That's a good sign.

[vit05]

I believe it is an excellent accumulation zone for those who believe in some projects other than Bitcoin. Alts did not follow BTC this time. And it could be that the BTC reaches 50% up to the definition on the ETF. Many should be betting on this right now. But a climb beyond the 8k would indicate the Bull run that everyone expects and the alts would rise wildly. Providing an optimum opportunity for taking profit  and reorganization of the portfolio dumping the stupid coins.

[BitcoinReseller]

Bitcoin price hits $8000

[BasttikKosterr]

Bitcoin hitting the $8,000 mark is feasible before the ending of August or being modest, the year ending. Giving other coins a run for their money. This doesnt make other coins less valuable but makes the market more competitive.

[richardsNY]

The dominance is also quite high for bitcoin. That's a good sign.

Don't focus on Bitcoin's market cap dominance. It gained a significant amount of hype last year when Ethereum's money press started filling this space with token garbage, but it's meaningless in my opinion. Also, if there is no ETF, Bitcoin's market cap dominance will tank back down. Current increase is far too fragile to consider it a reliable source of growth. Just think about it, what's left to steer the price up without this ETF? Institutional investors will enter but we don't know when. Lightning Network improving is a good thing but the market doesn't seem to care, and the same goes up for everything else blockchain related. The block halving is far away. The short term isn't looking all that attractive actually....

[hatshepsut93]

Also, if there is no ETF, Bitcoin's market cap dominance will tank back down.

Or maybe not, maybe investors are fed up with empty promises of altcoins and their constant lack of progress and their vulnerabilities and centralization issues. The news aren't good for altcoins lately, Ethereum is suffering from fees, blockchain bloat and  wallet bugs, PoS platforms like EOS and NEO recently had a lot of criticism over the centralization of block creators and some smaller alts got double spend attack successfully executed. Many analysts are comparing crypto market with dotcom bubble, but Bitcoin is doing well recently: LN keeps growing, new updates are being worked on, fees are low, everything is very stable. So, now might be a good time to start regaining dominance in general, regardless of bullish/bearish trends, simply because it becomes clear to everyone that Bitcoin has better fundamentals.

[gentlemand]

Or maybe not, maybe investors are fed up with empty promises of altcoins and their constant lack of progress and their vulnerabilities and centralization issues.

As soon as Bitcoin has completed its thing all the mindless peons will be straight at alts because they're 'cheaper'. It doesn't matter how shit they are. That's how minds work and they never change. I wish it were otherwise but it is not.

This is bog standard behaviour. People jump to where the action is and then jump back into alts when the action slows down.

[hatshepsut93]

Or maybe not, maybe investors are fed up with empty promises of altcoins and their constant lack of progress and their vulnerabilities and centralization issues.

As soon as Bitcoin has completed its thing all the mindless peons will be straight at alts because they're 'cheaper'. It doesn't matter how shit they are. That's how minds work and they never change. I wish it were otherwise but it is not.

This is bog standard behaviour. People jump to where the action is and then jump back into alts when the action slows down.

It can't go on like that forever. I just can't imagine todays shitcoins from top 10 in 5 years from now claiming that they are going to change the world with blokchain while technologically being now far from where they are now. Sooner or later, even noobs will start doubting the long term success of their coins. And with every coin that fails, altcoins as a whole look worse and worse, it's almost a common knowledge today that there are thousands of coins but only few are actually used, and that majority of ICO's are scams. Maybe it won't happen this year, maybe not even in the next year, but alts will die, there's no reason to have tons of coins if just one coin is working well.

[gentlemand]

It can't go on like that forever.

I really think it can, albeit in a fringer form once the behemoths have been fully established. The pool of mindlessness and greed is bottomless. If something as blatant as Bitconnect can thrive despite multiple years of crypto scams to draw on and centuries of Ponzis then that tells us it's a fundamental part of what humans are willing to talk themselves into no matter what.

Shitcoins have only just started to get warmed up.

I really, truly expected most of this shit to be dead already. What's filling the top 10-20 is largely a disgrace, let alone what's below. No wonder old school investors sneer at it all still.

[qcitycoin]

The Bitcoin price rose by nearly 5% overnight on Sunday to touch the $7700 level after having had a relatively quiet Sunday trading between the $7400 and $7500 mark. This unexplained boost could probably be due to more investors taking their money out of other crypto currencies and sliding them into the top cryptocurrency.

At 9 am CEST on Bitfinex, the Bitcoin price was trading at around $7660 – a rise of 4%. Other coins were still relatively at low levels however with Ethereum trading at around $466 – a mere 1% increase whilst Ripple and Litecoin remained relatively stable in the $0.46 and $86 levels respectively.

According to analysts, it could mean that a bullish forecast is on the way for bitcoin price. A sell-off could trigger the opposite direction although the considerable increase in volume which almost touched the $1 billion mark across all exchanges, could see that scenario dissipate quite quickly.

However, if the current momentum continues, one should expect the 55-period-EMA to cross the short-term averages once more, creating another potential bullish setup as it edges closer toward its next psychological target of $8,000. If that target is breached then the price could go all the way to the $10,000 level in a very short space of time and potentially drag other coins with it.

Currencies which had seen consistent gains over the past week also performed well over the weekend and on Monday. Stellar Lumens rose by around 8% on Sunday and by a further 4% on Monday to trade at over the $0.30 level whilst Cardano also rose by around 7% to reach the $0.18 mark. NEO was still slightly sluggish and only posted a minimal 1% increase over the previous 24 hours to settle at around $34. Litecoin was also up by around 3% to settle at the $85 level with a push for the $90 level not untoward if the current levels of turnover persist.

Ethereum Classic was sluggish with a 2% rise to settle at the $16.60 level whilst VEN and ONT remained relatively stable in the $1.83 and $3.23. There was little movement in other coins with smaller market caps with IOTA up 2% to the $1 level again whilst ICX registered a similar 2% rise to the $1.39 level.

https://www.ccn.com/bitcoin-price-hits-7700-as-other-coins-remain-relatively-sluggish/

It is true that the market is bad. Nevertheless, only the bitcoin is ascending. I would like to have a lot of altcoins normalized by bitcoin.

[1Referee]

I really, truly expected most of this shit to be dead already. What's filling the top 10-20 is largely a disgrace, let alone what's below. No wonder old school investors sneer at it all still.

We're dealing with a whole different category of "investors" now and prepare for worse. They don't care about decentralization or centralization. They don't care about utility either. They probably don't even know what all this means.

They just want to buy cheap shit that grants them dividends in form of airdrops, and currently Ethereum and EOS are leaders in that segment. Bitcoin used to be that, but is no longer a dumb money plaything due to its steep entry point, which is why most dumb money ignore Bitcoin completely.

Good thing however is that dumb money always tend to choose the wrong vehicle to enter, and they'll pay for it eventually. It just takes longer than expected, that's all. Altcoins historically get replaced by something 'better'. NMC, NVC, TRC, FTC, DOGE, etc. They are all wasted, and so will all current tokens end, but they have more to offer so it takes longer.

[webtricks]

Bitcoin Rise is always due to some positive news in the market that creates hype and currently it is due to the proposal of Bitcoin ETF. But if we look previous trends, once Bitcoin shows such surge, it doesn't fall by similar percentage if news turned down. In other words, even if the proposal of ETF gets rejected, we can still hope that Bitcoin rally will continue. This is natural tendency of crypto market, once a coin rises, it takes 2-3 leaps without losing much in falls. So we can expect Bitcoin to cross $10,000 in next 10-12 days period.

......Ethereum Classic was sluggish with a 2% rise to settle at the $16.60 level ......

Ethereum Classic is very safe coin. We can regard it as traditional security among dynamic crypto environment. Whenever BTC falls, other coins follow it and fall relatively equal or more. But on the other hand, ETC doesn't decline much, it has tendency to maintain its price both in USD and BTC.

[monalawrence]

i lover what btc is doing.

[richardsNY]

Ethereum Classic is very safe coin. We can regard it as traditional security among dynamic crypto environment. Whenever BTC falls, other coins follow it and fall relatively equal or more. But on the other hand, ETC doesn't decline much, it has tendency to maintain its price both in USD and BTC.

Ethereum Classic isn't safe at all, not even in the financial way of thinking. Its network is too weak to be taken seriously by anyone with a bunch of money. It all starts with the network of a coin, if that isn't reliable and strong enough to guard itself against malicious attacks, then it's worth nothing. In order to point out the difference between ETC and ETH in network strength, it's 12.5TH for ETC vs 285TH for ETH. It's quite sad actually, because Ethereum Classic is the actual Ethereum. I am not a fan of forks at all, but this fork is the only one I consider to be a legitimately forked coin. The shitty market however supports centralization and protection of investor's funds, which is VitalikCoin....