Bitcoin (BTC) Leads The Way As The Bulls Eye $11K, Altcoins In Shambles
Bitcoin bulls have been pushing prices up in the last 24 hours. Their immediate target before the end of the weekend is $11K. In the latest move, Bitcoin has successfully climbed above $10,700. But there seems to be some resistance around this position. The bulls will continue pushing and look to break above $11K by the end of the weekend and possibly find support above it.
Bitcoin’s surge that started towards the end of the weekend seems like a late response following a few catalysts coming into play during the week. As we have reported extensively, the U.S has dropped several bombshells that potentially boost Bitcoin. It began with the FED’s rates cut.
It was followed by the U.S president announcing more tariffs for goods coming from China beginning September 01. Trade tensions are expected to further boost Bitcoin in the next few days when China announces its reiterative measure for the U.S. This will further fuel Bitcoin and could easily see it retest its year high of $13K.
As for daily trading volume, the crypto king has slightly increased its number in the last 72 hours, climbing from $14 billion to around $17 billion. To reach new highs, this needs to get above $20 billion or its recent all-time highs of $30 billion.
Bitcoin’s recent surge has come at a cost for altcoins. Since it began rallying on Thursday, its dominance has been on the rise. Earlier in the week, it was below 65%, at the time of press, this has climbed to 66.4. Although this gives Bitcoin great support to both rally and stay above key supports, it sees altcoins bleed.
Altcoins Bleed As They Lose To Bitcoin
A majority of altcoins are today losing to Bitcoin but A few top coins like Ethereum, Bitcoin Cash and Monero are posting marginal gains. Many of the coins in the negative are posting loses ranging from 1% to 4%. Loses are expected to extend as Bitcoin continues to dominate the market. But in case Bitcoin makes a big leap, this could see altcoins join the rally.
