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High jump for the price of Bitcoin

A delicate euphoria in the cryptocurrency market that today wakes up with a steep high jump, especially for the price of bitcoin.

The European dawn saw a jump in the price of bitcoin, which returns above 12,000 and surpasses 12,800 dollars. This shows that bitcoin is gaining momentum not only in terms of performance but also in terms of dominance. 

Bitcoin exceeds the threshold of 64% of market share: it had not happened in two years and three months. With the jump of today reaches 225 billion dollars of capitalisation, achieving an increase of +11% on a daily basis, ranking among the top five major rises of the day. 

It is a rise that brings back positivity and also brings back the volumes, which see an increase of 20% on a daily basis, moving away from the lows of recent days, with an average trade that from 70 million dollars per day, now reaches 90 million.

Of the top 30 in the ranking, Bitcoin Satoshi Vision (BSV) manages to keep pace with bitcoin, albeit at a distance, rising by 5.8%. Maker (MKR) performs better, rising 8%. Bitcoin Cash (BCH) also stands out with a 5% increase

Litecoin chart by Tradingview

Litecoin (LTC), despite the words of Charlie Lee who yesterday warned about the risk of a possible drop immediately after halving, is behaving well and rising 3%. LTC prices fluctuate just above 120 dollars, which is still far from the tops reached in mid-June, 15-17% away from the current values. 

In contrast, among the day’s declines, there is Icon (ICX) taking a step back with -11% along with WaltonChain (WTC), in 92nd position, which drops over 13% on a daily basis. 

In the top 30, Chainlink (LINK) saw a drop of more than 8%, highlighting the profit-taking after the impressive gains of recent weeks. The Leo token (LEO) also fell by 6%. 

Among the declines worthy of note today there is BitTorrent (BTT) which lost 5%, as well as TRON (TRX) which fell 2.7%, both in the eye of the storm after the Chinese police raid yesterday. 

After the fuss caused by alleged fraudulent use of the TRX token, today’s falls are well-founded, yet the market is still holding for both tokens. 

Source: COIN360.com

Despite the rise of the first six cryptocurrencies, the market sees half of the coins in red. This highlights how the sector is supported and driven by bitcoin.

The total market cap is $350 billion. The dominance of bitcoin is 64%, while that of Ethereum remains just below the threshold of 10%. Ripple gives ground again by failing to hold 5% dominance: XRP returns to its lowest level since December 2017.

Bitcoin chart by Tradingview

Price of Bitcoin (BTC)

Today’s high jump in the price of bitcoin is a positive surprise. BTC recovers 30% after the sinking on July 2nd, highlighting the excellent performance of the queen of cryptocurrencies. For bitcoin, it will now be necessary to stay above the technical and psychological threshold of $12,300 in the next few hours and days and to be supported by growing volumes. 

This rise could lead to a review of the year’s highs, just below the $14,000 reached at the end of June. On the other hand, the alert levels remain distant, the closest levels that would indicate a short term reversal are the 12,000 dollars and then the next one at $11,000.

Ethereum chart by Tradingview

Price of Ethereum (ETH)

Ethereum has driven the start of the week upward while now it is testing the medium-term resistance at $315-320. A possible violation with a long rise supported by large volumes could bring the prices to 350 dollars. 

Downwards, Ethereum needs to maintain the support of $280, the level of last week. In the event of a break of the $280 downwards, Ethereum would begin to give signals of a possible reversal of the two-month cycle that began with the lows during the first part of June. 


Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".