The price of a semi-unknown utility token emerges today as one of the most evident positive signs: UPI. Unlimited IP (UPI) rose overwhelmingly to 58th position, reaching the target of $120 million of capitalisation with a current run of over 170%. The price of the UIP token thus reaches almost $10 cents.
Unlimited IP sees its price soar. It is a very popular token for experienced traders as UIP is a platform for automated trading. It is based on ERC20 technology, although recently there appears to be an interest in switching to the EOS blockchain. The price of the UIP token sees one of the best performances of the year: in January it was worth 2 thousandths of a dollar, today it is worth 10 cents, an increase of 4.500%.
July was a month that saw alternating negative signs and now it is about to end in a bearish state following the best bullish run in five consecutive months, an event that has not occurred since 2017.
The volatility of BTC
Bitcoin has begun to stand out last Saturday for the high volatility that in a few hours has seen the prices go above 10 thousand dollars and then suffer a fall below 9,300 in a few minutes. This confirms that the low volumes that are characterising these last weeks, especially at the weekends when trading is lower than usual, show that speculation can benefit from the sparse volumes. Yesterday, in fact, was the lowest daily trading volume level since mid-June.
The best and the worst cryptocurrencies of the week
Only Litecoin is better, with an increase of 0.9%, Bitcoin Cash shows a similar performance. Despite the increases, bitcoin recorded a loss of 8% from last Monday’s levels. Ethereum, Ripple and Litecoin do better, but remain negative, falling 4% from last Monday’s levels.
Among the biggest rises of the day, the most famous is the rise of Cardano (ADA) which, together with Maximine Coin (MXM), goes up by 2%. Beyond 20th place, Maker (MKR) is up 3.5%, while Japan Content Token (JCT) is up 6%.
Among the worst declines is Ren (REN) in 74th position, down 6%. After last week’s rises, Ren has seen a retracement in recent days probably due to speculation and profit-taking.
Among the 3 worst of the day, there are Dash (DASH) which drops 5% and Lisk (LISK) which drops 4%, as well as Pundi X (NPXS).
The total capitalisation sees the market cap remain anchored at 265 billion dollars with bitcoin just under 65% dominance. Despite the difficulties of these days, dominance remains close to the highs of the last two years (67% reached at the beginning of July).
The market share of Ethereum has also remained unchanged, remaining around 8%, while Ripple is struggling to regain 5%.
Bitcoin (BTC) price
Bitcoin slips to $9,500, close to the July 17th lows of $9,100. This becomes the level to be monitored carefully in the next few hours and days. In the event of a break-down, the level to be monitored is $8,500-8,800. Bitcoin remains in line with the cyclical hypothesis of bimonthly closure by mid-August.
Only a leap to $10,800-11,000 (+15% from current levels) would drive away any medium-term bearish assumptions and reactivate purchases.
Ethereum (ETH) price
Ethereum is now at the end of the previous bi-monthly cycle and the beginning of the new bi-monthly cycle, but there is a lack of useful information at the operational level. Since last Friday, the price of Ethereum has fluctuated around 205-210 dollars.
Only a return above 220 dollars, the maximum of last week, would give a first bullish signal that would be confirmed with climbs over 235 dollars. In this particular phase, it is necessary for Ethereum not to sink below 200 dollars, where the dynamic trendline passes that takes the lows of the beginning of February as a reference.