Bitcoin (BTC) prices and the general cryptocurrency market is likely to continue its recent recovery this Thursday as everybody waits anxiously for news from Capitol Hill.
The US Congress will soon give their thoughts on the pros of having Central Banks use cryptocurrency. According to Guy Hirsch, eToro MD, “today’s hearings are a great step in the right direction.”
Meanwhile, Barry Silbert holds the opinion that Bitcoin has hit the bottom and is likely to soar even higher.
The crypto bull and CEO of Digital Currency Group said this at the Delivering Alpha Conference held in New York.
Barry Silbert says he remains bullish on Bitcoin because “the time to make money is when you’re swimming upstream”.
Trading during the Asian hours saw most of the coins retrace, losing some of the gains made on Wednesday.
As such, the global market capitalization now stands at $291 billion with a total daily trading volume of $18.8 billion. Bitcoin (BTC) dominance is 43.7%, nearly 0.7% higher than a day ago.
Bitcoin (BTC) price
Bitcoin bulls failed to consolidate above $7,500 and saw the top crypto’s value slide by about 2.5 percent to a low of $7,280.
The market may have been reacting to news that Brad Sherman wants the US to ban all citizens from buying or mining cryptocurrency.
However, a new push is on and prices have regained some of the losses to see BTC trade at over $7,400 at the time of writing. It is trending about 20 percent in the green over the last 7 days.
Anticipation is high, and prices are likely to soar beyond yesterday’s high of $7,539. The top coin is trending up and any good news from Capitol Hill will see another price rally similar to that seen on Tuesday.
A downside will meet major support at $7,320.
Bitcoin has a market cap of $126 billion and an intraday trading volume of $5.8 billion, lower than the $6.1 billion of bitcoins traded yesterday. That is nearly double the daily volume of the recent past.
Ethereum (ETH) price
Ethereum is trending towards more gains after a lull during the early morning trade. The second largest coin has received thumbs up from Circle CEO Jeremy Allaire who says Ethereum could the platform that makes blockchain get mainstream adoption.
According to him,”It’s a really fertile space in terms of the fundamental, technical and infrastructure.”
Meanwhile, founder Vitalik Buterin has revealed that recent network overload was due to a spam attack and that it cost the network about $15 million.
He posted on his Twitter account saying:
“According to my estimates, the recent tx spam on the ETH network cost up to ~$15m USD (~= 5m green teas, ~75 lambos, ~25 Coinbase seed rounds, ~0.9% of Telegram ICO)
Ethereum is trading at over $481 and is attempting to break above $500 again.
Early morning trading saw the popular dApps platform decline by about 4 percent as the general market appeared to take a breather from yesterday’s rollercoaster.
Volatility and intraday trading volumes remained low in the morning, as it hit a low of $473.
An upside has however seen prices rise to hit levels above $480. The 2nd largest coin has a market cap of about $48 billion and a daily trading volume of $2.2 billion.
Ripple (XRP) price
Ripple is ‘not a cryptocurrency’ – expert warns on ‘big dip’ in value
Ripple’s prices are battling to break above $0.50 once more as the market looks to push higher during the European trading hours.
The market is anticipating a boost from U.S lawmakers, but XRP’s many problems could see it lag behind in terms of gains.
According to Anatoly Castella, CEO, Elpis Investments XRP doesn’t fit the interpretation of “Digital Money”, and even more appropriately, it’s not a “real cryptocurrency.”
XRP is currently trading at 0.49 against the US Dollar. The coin saw its value decline by about 5.23 percent during the early trading hours.
Its prices fell overnight from a high of $0.52 to a low of $0.47. The slight decline meant its market cap reduced to $19 billion from about $19.8 billion at close on July 18.
Similarly, its daily trading volumes have dropped, from $367 million to about $3634 million.
XRP/USD prices retain a bullish outlook though and are headed higher as the market begins to rise after a slow start today.
XRP could hit price levels above $0.50 but will need massive support to go beyond the key resistance level at $0.52.
Bitcoin Cash (BCH) price
Bitcoin Cash (BCH) prices are looking to reach above $850 as the bulls attempt to push it towards $900.
It appeared the coin would break above that level yesterday, but it ran out of momentum and corrected sharply from a high of $890 to a low of $816.
The fourth-ranked BCH is currently trading at $835 and it must hold above the $830 support to see sustained moves near $850.
It’s over $50 lower on its high prices on July 18, meaning it must recover losses seen over the last 24 hours before it turns green.
Intraday trading saw prices drop by about 4.6 percent in the morning session, though it remained over 21 percent in the green.
Volatility and trading volumes were low, seeing Bitcoin Cash remain range bound for most of the day. An upside is forming and a rally may be on cards, given the general uptrend in the market.
Bitcoin Cash has a market cap of $14.4 billion and a daily trading volume of $742 million.
EOS (EOS) price
EOS remains in overbought conditions as it tries to consolidate above $8.60. Like most other coins in the market, EOS prices experienced a decline during early morning trading.
The crypto dropped by about 3 percent before an uptrend midmorning stemmed the slide. Prices moved from an overnight high of $9.05 to a low of $8.38 in the morning.
EOS is, however, trending over 26 percent in the green over the last 7 days and remains one of the biggest gainers in the last three days.
The fifth-ranked EOS currently exchanges hands at $8.51and will likely face stiff resistance at $8.8 as it tries to break back above $9.00.
It has a current market capitalization of $7.6 billion. The average daily trading volume is around $916 million.
Litecoin (LTC) price
Litecoin prices continue to shadow those exhibited by Bitcoin. It is expected that should the BTC price rally take it above $8k, LTC prices will follow to test $100.
Litecoin is trading at $87.71, lower than its Wednesday’s high price of $94.48. It lost nearly 4.8 percent during trading in the morning session, though that has been reduced to about 3 percent at the time of writing.
In the last 7 days, LTC/USD is still over 14.46 percent higher.
Last night’s upside momentum appears to have faded. The 7th coin according to CoinMarketCap touched a low of $85.70 after a sharp decline from $92.27.
Although it remains bullish near-term, LTC must find support above $90, if it’s to have any chance of breaking above the key level at $100.
To reach this level, it must clear the immediate support at $88.7 and $95.
The market value currently stands at $5.0 billion, and its average daily trading volume is $351 million.