BTC, ETH, XRP, LTC, BCH Record Moderate Gains As Bulls Strive To Reverse Brutal Plunge, What Next?

Bitcoin at $5500; Market Cap Heads Towards $100 Billion, BTC Sets Out For The Nearest Resistance Levels
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The bulls are regaining momentum as bitcoin and other top altcoins record moderate gains and recover from their recent loses. Bitcoin is trading well above the $9,500 zone and is currently testing the $9,750 area as it shows signs of foraying higher.

The total market cap for all cryptocurrencies is standing at $270 billion, the total trading volume at $46.9B while bitcoin’s dominance is at 64.6%. Top 10 altcoins are seeing gains ranging from 0.16% to 5%. Tezos (XTZ), the 16th largest crypto by market cap, is the best performer of the day, surging by an impressive 23%.

Bitcoin Bulls Are Flexing Their Muscles

Bitcoin is up by 2.62% in the last 24 hours and is trading at $9,775.97 at press time. Despite the moderate gains, BTC still faces major resistance at the $9,800 level. If the bulls can breach this resistance, $10K will no longer be a distant dream.

Today’s announcement by the US Federal Reserve Chairman on interest rates cuts could be the catalyst that pushes bitcoin back above $10,000. 

ETH, XRP, BCH and LTC Market Watch

Ethereum (ETH), the second-largest cryptocurrency with a market cap of $22.8B, is up by 2.96%. Throughout the week, ETH has managed to trade well above $205. Presently, ETH is trading at $215.67 and showing signs of more gains in the near-term. However, it faces a major hurdle at $220 which if breached, could signal an impressive uptrend.

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On July 24th, San Francisco Open Exchange (SFOX) published a report suggesting that ethereum may no longer be an altcoin. The report read in part;

“This may support the idea that Ethereum is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an ‘altcoin’ on a par with other cryptoassets that are not Bitcoin.”

Ripple’s XRP has been trading well above $0.30 and is up by 3.03% in the last 24 hours. XRP even tested the $0.32 area but failed to hold for long. It is currently trading at $0.319230 with a market capitalization of $13.69B. The short-term price outlook for XRP looks bullish. 

Bitcoin Cash (BCH) has had a steady week. It has gained more than 5% in recent 24 hours and has a market cap of $5.8B. BCH tested $337 and even flipped Litecoin to assume the 4th largest cryptocurrency by market cap before immediately correcting downwards. At press time, BCH is standing at the 5th position and is exchanging hands at $324.19.

Litecoin (LTC) is also seeing gains, surged by 3.21% in the last 24 hours to trade at $92.45. Among the top 20 cryptocurrencies, UNUS SED LEO (LEO) is the only digital asset that is in the red shedding 2.41% to trade at 1.32.

Tezos (XTZ) Surges By 23% Following A Listing On Coinbase

Tezos (XTZ) is presently the biggest gainer of the day. XTZ has gained 23.10% in the last 24-hr period to trade at $1.25.

This surge comes in the light of an announcement by US-based crypto exchange Coinbase stating that from Monday, August 5, XTZ will be available on its trading platform, Coinbase Pro. Coinbase also cited that XTZ will not be available on Coinbase.com or via mobile apps yet.

As aforementioned, the Federal Reserve is poised to cut interest rates today for the first time since the global financial crisis. The main takeaway? Bitcoin (BTC) and the aggregate crypto market could benefit from this decision and surge to new ATHs.

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