Market Update - BTC, XRP & BCH, Mixed Messages But Markets Still Positive
After a pretty solid week of gains and positive movements, we enter this new week on a positive note. Values are up and as it stands, things look pretty promising as we head into August. We are now in a position in which we may very well see, for the first time in a couple of months, a number of cryptocurrencies make way back up to their target figures.
We canât guarantee a bull run, but at the very least, if the planets align and everything goes to plan, we do expect a surge to take over during August. We donât know how hard it will hit nor how long it will last, but at the very least, a surge is a surge and it will inject some promise back into the markets, and the hearts of investors. When optimism rules, thingâs are a little brighter at the very least.
Letâs see how the markets stand this morning:
At the time of writing, Bitcoin is valued at $8,170.58, down 0.16%. Bitcoin is down but only slightly, and is still balancing above $8,000.00. If it can remain above this value over the coming days then we could expect $9,000.00 in the early days of August. Bitcoin is currently down due to correction so therefore, the current position of Bitcoin is nothing to worry about. Bitcoin dominance is up at the time of writing too, standing at 47.5%. With Bitcoin dominance so high and nearing 50%, we can be certain that when Bitcoin rises, the rest of the markets will too.
At the time of writing, XRP is valued at $0.451, up 0.07%. XRP is up but only very slightly. As we can see, XRP hasnât really made the most of the past few days of positivity and is still riding at a very low price. This is simply down to speculation and uncertainty within XRP. Itâs association as a security and many looming lawsuits really is hampering the position of the currency. We want to see XRP at $3.00, perhaps during August we will move a little closer to this. For now, $1.00 remains as the big target for XRP.
At the time of writing, Bitcoin Cash is valued at $823.12, up 0.39%. Again, Bitcoin Cash is up but only slightly. Interestingly, Bitcoin Cash is now back in the shadow of Bitcoin in that it is sitting at a value of around 10% of Bitcoin. When this happens, we see Bitcoin Cash move in almost exactly the same direction as Bitcoin. With Bitcoin dominance so high, we can be sure that if nothing else, Bitcoin Cash will rise alongside itâs partner in crime, itâs brother, or sister, or whatever it is.
The markets are slow this morning through this new correction. As the period tails off, we can hope for another surge to begin, bringing us into August with a new optimism and a new vision for the future of our investments. For now, watch the markets closely and letâs hope that we do see a surge soon.