The price of the most popular cryptocurrency, bitcoin, is back above USD 11,500, or the level last seen in mid-July. The majority of other top 1
At pixel time (04:56 UTC), bitcoin traded at. USD 11,572 and has increased by almost 9% over the past 24 hours and by 20% over the past week, erasing monthly losses.
Bitcoin price table:
Meanwhile, bitcoin dominance, or the percentage of the total market value, exceeded 67%. The total market value has increased by 7% over the past 24 hours and is USD 306.7 billion.
Other top 10 coins are also in green today, registering winnings of up to 5%. Litecoin, the fifth largest coin by market value, is up almost 4% ahead of halving, estimated to happen later today. Platinum and Ren are among the best performers today, increasing by more than 30%.
Bitcoin cash flow over the last 24 hours, USD:
Tether 2.95 billion
Source: Coinlib.io, 05:06 UTC
Compared to last week, the electricity has increased, but it did not reach significantly higher levels seen during the June rally.
In the meantime, many people are witnessing the upswing today to the fact that China on Monday let the yuan topple beyond the important level of $ 7 per dollar for the first time in more than a decade. It may be a sign that Beijing may be willing to tolerate further currency weakness in the face of an escalating trade boom with the United States.
See the latest reports from Block TV.
As reported, Arthur Hayes, co-founder and CEO of cryptocurrency trading platform BitMEX already in May warned that a sharp and sudden depreciation of the yuan, like 2015 could lead to the beginning of another "epic bull market."
"With the turmoil in the markets and the streets, digital gold suddenly doesn't seem like such a bad idea," Jehan Chu, managing partner at blockchain investment and consulting firm Kenetic Capital told Bloomberg. "Bitcoin is increasingly being viewed not just as a game of the future, but as a crisis center for the present."
Charles Yang, chief trader of Hong Kong-based digital real estate business Genesis Block estimates that bitcoin should test $ 12,000 "soon." "Of course, this is on the assumption that we believe macro problems actually drive Bitcoin," he told Bloomberg.
Read more: What a possible global recession could mean for crypto
Nice 1W close. Hope to close this week over 11650. pic.twitter.com/mQA6cgbACo
– CryptoTutor (@CryptoTutor) August 5, 2019
If Yuan keeps slipping – some of that $ 27T might start looking for a new, more reliable, unchecked by … https: // t. Co / Je4O6ILr4Y