Bitcoin is yet again dominating the market reaching a price of $6.700 which is an increase from $6.400 in just 24 hours. This represents a strong uptrend in a daily volume. Also, the crypto market’s value increased as well from $210 billion to $215 in 48 hours pushed by the surge in the tokens’ price.
Ethereum based tokens also showed decent gains by 12% to 19% against the US dollar and also against the Bitcoin which proves that Ethereum is gaining momentum again. The other major cryptocurrencies despite Etheruem, such as Ripple and Bitcoin cash struggle to show recovery in the price and made maybe even insignificant 0.4% gains getting far behind Bitcoin and other cryptocurrencies on the market.
As far as bitcoin is concerned, in the past 7 days, BTC showed its dominance on the market by increasing to 53 percent which is a good sign for other tokens because when BTC dominates the tokens usually make gains by 3 percent, but, in the past few days they recorded large gains and even stronger movements on the upside. This shows that investors now have more faith in this cryptocurrency and believe that this corrective rally allowed the rest of the market to continue a short-term rally for the next few weeks. However, experts believe that the bear market is not over yet for cryptocurrency but maybe we should take advantage and accumulate using the low prices of most cryptocurrencies. Most of the experts strongly believe that Bitcoin will go through another correction before starting a mid-term rally.
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