The bulls are back baby! Sort of anyway…
Today the markets are starting to sway back in a positive direction, though as it stands the majority of cryptocurrencies are still down. Because Bitcoin is now moving up once again, we can be certain that the past few negative days have simply been down to correction and nothing more.
Let’s see how the markets stand this morning.
At the time of writing, Bitcoin is valued at $7,694.11, up 1.22%. Bitcoin has managed to balance at $7,500.00 and thus is now moving closer to $8,000.00. We expect to see some resistance here however this will be extinguished as the bull grip gets ever tighter. As it stands, Bitcoin dominance is up again, to 48.2%. With Bitcoin dominance riding high, we can be sure that since Bitcoin is starting to climb again, the rest of the markets will follow suit.
At the time of writing, Stellar XLM is valued at $0.277, up 2.37%. Stellar have had a very positive few weeks. Of course, the progress of XLM has been dampened by correction through this week, but through August we do expect XLM to continue to climb. We want to see XLM reach $0.50, when this happens we can start getting excited.
Verge XVG, at the time of writing is valued at $0.022, down 2.05%. We have included XVG in this market update as at the moment it looks to be very volatile. After months of very little news from the Verge camp, and more controversy surrounding the legitimacy of the Verge x PornHub deal, the value of XVG has sunk. This week, Huobi announced a listing for XVG which helped see the value of XVG climb somewhat, but as the news ages, the value of XVG continues to fall. It seems Huobi wasn’t quite enough to get XVG out of the red just yet.
We are feeling pretty positive about August over all. Bitcoin is back up and the markets are sure to follow. Nobody can guarantee a bull run, so bear this in mind, overall though the markets are starting to look positive once again. Will we see Bitcoin at $10,000.00 this month? We sure hope so.
Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.