Bitcoin price experiences rise to $8200 within 12 hours and cross $8300 worth as it daily peak, adding a whopping $300 billion value to the crypto market.
Other cryptocurrencies like Bitcoin Cash, ether, EOS, Ripple – showed an increase ranging from 2% to 6%, while Zcash rose to 11% increase in value.
Fall of the Tokens & Crypto Assets
For a year, tokens have followed the shadows of the mega crypto assets such as the bitcoin and ether irrespective of the intense ups and falls. The token experienced an increase of 10 to 20 percent everytime bitcoin price surged. When bitcoins faced a fall, the tokens fell by a bigger margin as well.
Until 48 hours ago, there seems to be no correlation between bitcoin assets and tokens. This can only mean that the investors are re-allocating their funds to major cryptocurrencies from the small tokens.
Within a week, bitcoin prices and Ethereum prices are doubled from 3.5 billion dollars and 1.3 billion dollars to 6.6 billion and 2.1 billion dollars.
But the previously well performing small cryptocurrencies fell drastically irrespective of the major cryptocurrency trends.
Independent price movements signify a mature and stable cryptocurrency market.
Usually, Augur, Aion, and Polymath, etc. experience a 20 to 30 percent for 5 to 10 percent bitcoin price increase. But on July 24, the tokens value reduced by 10 percent. This is a first since early 2017.
What’s in store for us?
Bitcoin had a positive trend breaking the $8000 mark and stabilizing after the $8300 was also very satisfying. But, to see more trending around $10000 to $12,000 resistance levels it must exhibit constant stability in bottom $6000 to $8000 region.
History dated before 2017 states that Bitcoin required several weeks of stability with low slips and volatility for the $1000 to $19000 surge. The Bitcoin prices might head to $9000 region in the short-term if it surpasses the $8500 resistance level after $8300.
Apart from strong Bitcoin momentum, the crypto market is also witnessing the broad expansion of Binance in the rapidly growing market.
Currently, Binance shares its intent to roll out its operations in the most targeted South Korean crypto market.
An upsurge in the digital assets trading is quite evident, and so are the demands for the exchanges in this case.
The potential investors are advised to keep their eyes peeled for carrying out the digital asset trading seamlessly if involved.
