The recent price action of all digital currencies seems to suggest a V recovery with price sharply rising after what appears to be a recent bottom of $60 billion during mid-July.
That might perhaps suggest the late June and most of July bear market may be coming to an end, but more positive price action is needed for that to be confirmed.
The rise this time has seemingly been fueled by bitcoin which made a new all time high yesterday of $3,300, giving it a current market cap of almost $53 billion.
Bitcoin’s trading volumes however remain sluggish at just $1.2 billion, lower than ethereum’s which has also risen some $30 yesterday.
The rise of both might have been fueled by Bitcoin Cash which has seen a price decline during the same time of more than $500, down from $800 to now trade at around $270.
The sell-off may have been in anticipation of insta-dumping following the opening of deposits on Bitfinex and Bittrex in the past 2-3 days. But recently its price has seemingly stabilized with blocks now being found within the usual 10 minutes.
There hasn’t been much action in other digital currencies today except NEO (former Antshares) has been rising more than 22%.
They are awaiting NEO 2.0, which is to launch on August 8th with full smart contracts upgrading their current limited capabilities.
That comes with re-branding as well, and a new site, so creating some apparent hype around the currency, seemingly leading to its price rise.
Interestingly, BitConnet has been rising too. The reason is probably because they have a BCC ticker, although where the second C comes from is not clear.
BCC is the ticker some exchanges have given to Bitcoin Cash, while some others, like Kraken, are trading it under BCH, while others suggest the internationally recognizable ticker would have to be XBC.
In any event, all that BCC talk might have led some to buy BitConnect, probably in anticipation that others would too, but BitConnect somehow offers interest for all wallets with BitConnect coins on them. Leading some to allege it’s a literal scam of sorts.
They may therefore soon go back where they came from as focus returns to the top digital currencies with many asking whether a new bull market is underway or whether we will see some more cooling down.
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