Bitcoin Below $11,400 as Top Cryptos Trade Sideways

Sunday, July 7 — Мost of the top 20 cryptocurrencies are trading sideways at press time, as bitcoin (BTC) hovers under the $11,400 mark.

Market visualization courtesy of Coin360

Bitcoin is currently down by 0.10% on the day, trading around $11,361 at press time, according to Coin360. Looking at its weekly chart, the coin is down by 0.45%.

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported earlier this week, American investor and co-founder of Morgan Creek Digital Assets Anthony “Pomp” Pompliano explained his investing strategy and skepticism towards fiat currency in an interview.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $31.2 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $16.7 billion at press time.

Coin360 data shows that ETH has seen its value increase by about 0.73% over the last 24 hours. At press time, ETH is trading around $293. On the week, the coin has also lost almost 2.99% of its value. 

Ether 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, ETH might decrease issuance ten-fold by 2021, according to Justin Drake, an Ethereum 2.0 researcher at the Ethereum Foundation.

XRP is down by about 0.7% over the last 24 hours and is currently trading at $0.396. On the week, the coin is down about 3.42%.

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the one reporting the most notable gains is monero (XMR), which is up 5.26% to trade at just over $100 at press time. Conversely, Chainlink and NEO are down 2.94% and 2.18%, respectively. 

At press time, the total market capitalization of all cryptocurrencies is $316 billion.

As Cointelegraph explained in a recent analysis, many traders believe that altcoins are overpriced.Some have doubted whether the recent rally can carry altcoins and state that most of the action will be in bitcoin as other tokens get left behind.