Cryptocurrency Market Trades Sideways as Bitcoin Hovers Shy of $12,000

Published at: July 4, 2019

Thursday, July 4— The number one cryptocurrency Bitcoin (BTC) is seeing mild gains on the day as ether (ETH) and ripple (XRP) trade sideways. 

Market visualization. Source: Coin360

Bitcoin has had a volatile week. Bitcoin was trading at over $13,000 on June 26 and under $10,000 on July 2. Bitcoin is currently trading at just over $11,850, and some analysts think BTC could rally significantly today as it is Independence Day in the United States. Crypto analytics website SFOX reported that holidays in the midst of a bull market tend to spark FOMO, a trend apparently supported by Google Trends data:

“At times when the market is already doing well or improving, holidays have the potential to drive renewed retail interest in buying bitcoin and other cryptocurrencies. That behavior, almost by definition, is FOMO: buying into an asset because one sees it trending upward and wants to benefit from it.”

Bitcoin 7-day price chart. Source: Coin360

Top altcoin ETH is currently trading sideways at around $300. Major cryptocurrency exchange Binance recently announced that it was moving off the Omni standard and onto ERC-20 for its Tether (USDT) addresses. The exchange Poloniex also added support for Ethereum-based USDT, citing a cheaper and faster process for transactions and deposits.

Ethereum 7-day price chart. Source: Coin360

Ripple is mostly trading sideways, with some minor losses at press time of approximately 1%. However, XRP has trended down significantly since its monthly highs on June 22 and June 26, seeing approximately a 15% correction from those peaks. XRP is trading just shy of $.40 at press time.

Ripple’s incubatory subsidiary Xpring recently announced that it has dedicated $500 million to XRP projects with since the coin’s inception. The investment group reportedly intends to bolster the infrastructure for XRP, as well as support innovative ripple projects.

XRP 7-day price chart. Source: Coin360

As far as other top cryptocurrencies are concerned, Chainlink (LINK) is continuing to see colossal gains this week. At press time, data from Coin360 shows that LINK is up by 49% over the last 7 days.

As previously reported by Cointelegraph, LINK saw a 26% on-the-day gain on June 28. Coinbase Pro had announced support for the smart contract token on June 27, as well as  announcing full trading support for the LINK/ETH pair on June 28. 

The total market cap of the top 100 cryptocurrencies is currently $330.4 billion, according to the data provided by Coin360’s summary table.

Meanwhile in traditional markets, gold and oil are trending down slightly as the stock market sees some minor gains, according to data from MarketWatch. 

JPMorgan recently announced that it plans to issue a stablecoin by the end of 2019. An executive at the banking giant also said JPM thinks securities are en route to become digital or tokenized, over a span of five to twenty years.

Tags
Bitcoin
Bitcoin Price
Ethereum
Cryptocurrencies
Ether Price
Ripple
Related Posts
Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB
The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain. An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to …
Bitcoin / Jan. 13, 2021
Bitcoin Breaks Back Above $5,500, Cryptos Recover From Major Sell-Off
Thursday, April 25 — crypto markets have mostly recovered after yesterday’s significant sell-off, with Bitcoin (BTC) breaking back above the $5,500 support. All but four coins among the top 20 cryptos by market cap are in green at press time. NEO is seeing the biggest increase of almost 7%, while bitcoin SV (BSV) and tezos (XTZ) tumbled 1% and 2.25%, respectively. Market visualization from Coin360 Bitcoin is steadily growing on the day and is trading at $5,521, up 1.18% over the past 24 hours at press time. The intraday low amounted to $5,421. Over the past 7 days, Bitcoin is …
Bitcoin / April 25, 2019
Crypto Markets Lose $2 Billion After Brief Recovery Attempt, US Stock Market Is Down
Tuesday, Feb. 26: after a brief recovery attempt yesterday, crypto markets have lost more than $2 billion in terms of total market capitalization today, with the top 20 cryptocurrencies seeing mixed signals. While the market is overall trading sideways, most of top 20 coins are in the red at press time. Market visualization from Coin360 The largest cryptocurrency, Bitcoin (BTC), is down around 1 percent over the past 24 hours, trading at $3,847 at press time. Following major losses on Feb. 24, the top cryptocurrency is down over 3 percent over the past 7 days. Bitcoin 24-hour price chart. Source: …
Bitcoin / Feb. 26, 2019
Bitcoin Price Near $3,400, Wider Crypto Markets See Another Mild Slump
Thursday, Dec. 13: after seeing a small rebound yesterday, crypto markets are experiencing another mild decline, with 19 out of the top 20 cryptocurrencies by market cap in red. Market visualization from Coin360 Top cryptocurrency Bitcoin (BTC) has not managed to hold $3,500 support, dropping to as low as $3,406 earlier today. As of press time, the coin is trading at $3,417, down about 2 percent over the past 24 hours. The leading coin is down about 6.5 percent over the past 7 days by press time. Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index Ripple (XRP), the second …
Bitcoin / Dec. 13, 2018
Bitcoin Hovers Near 6,600, While Most Top Coins See Little Price Volatility
Friday, Oct. 5: cryptocurrencies are seeing little volatility over the past 24 hours to press time, with the majority of losses and gains of top coins capped within a 1 percent range on the day, as data from Coin360 shows. Market visualization by Coin360 Ripple (XRP) is the only outlier in the top ten coins, down a little over 3 percent on the day to trade at $0.52. The asset – which in September briefly outflanked Ethereum to seal the second spot ranking on CoinMarketCap listings – has had a shaky start to the month, and is currently trading almost …
Bitcoin / Oct. 5, 2018