Topic: [2018-07-23] Bitcoin Price Hits $7700 as Other Coins Remain Relatively Sluggish (Read 229 times)

Ethereum Classic is very safe coin. We can regard it as traditional security among dynamic crypto environment. Whenever BTC falls, other coins follow it and fall relatively equal or more. But on the other hand, ETC doesn't decline much, it has tendency to maintain its price both in USD and BTC.

......Ethereum Classic was sluggish with a 2% rise to settle at the $16.60 level ......

I really, truly expected most of this shit to be dead already. What's filling the top 10-20 is largely a disgrace, let alone what's below. No wonder old school investors sneer at it all still.

The Bitcoin price rose by nearly 5% overnight on Sunday to touch the $7700 level after having had a relatively quiet Sunday trading between the $7400 and $7500 mark. This unexplained boost could probably be due to more investors taking their money out of other crypto currencies and sliding them into the top cryptocurrency.

At 9 am CEST on Bitfinex, the Bitcoin price was trading at around $7660 – a rise of 4%. Other coins were still relatively at low levels however with Ethereum trading at around $466 – a mere 1% increase whilst Ripple and Litecoin remained relatively stable in the $0.46 and $86 levels respectively.

According to analysts, it could mean that a bullish forecast is on the way for bitcoin price. A sell-off could trigger the opposite direction although the considerable increase in volume which almost touched the $1 billion mark across all exchanges, could see that scenario dissipate quite quickly.

However, if the current momentum continues, one should expect the 55-period-EMA to cross the short-term averages once more, creating another potential bullish setup as it edges closer toward its next psychological target of $8,000. If that target is breached then the price could go all the way to the $10,000 level in a very short space of time and potentially drag other coins with it.

Currencies which had seen consistent gains over the past week also performed well over the weekend and on Monday. Stellar Lumens rose by around 8% on Sunday and by a further 4% on Monday to trade at over the $0.30 level whilst Cardano also rose by around 7% to reach the $0.18 mark. NEO was still slightly sluggish and only posted a minimal 1% increase over the previous 24 hours to settle at around $34. Litecoin was also up by around 3% to settle at the $85 level with a push for the $90 level not untoward if the current levels of turnover persist.

Ethereum Classic was sluggish with a 2% rise to settle at the $16.60 level whilst VEN and ONT remained relatively stable in the $1.83 and $3.23. There was little movement in other coins with smaller market caps with IOTA up 2% to the $1 level again whilst ICX registered a similar 2% rise to the $1.39 level.

https://www.ccn.com/bitcoin-price-hits-7700-as-other-coins-remain-relatively-sluggish/

It can't go on like that forever.

As soon as Bitcoin has completed its thing all the mindless peons will be straight at alts because they're 'cheaper'. It doesn't matter how shit they are. That's how minds work and they never change. I wish it were otherwise but it is not.

This is bog standard behaviour. People jump to where the action is and then jump back into alts when the action slows down.

Or maybe not, maybe investors are fed up with empty promises of altcoins and their constant lack of progress and their vulnerabilities and centralization issues.

Also, if there is no ETF, Bitcoin's market cap dominance will tank back down.

The dominance is also quite high for bitcoin. That's a good sign.

Also with bad news just like Ethereum having a clog network it is giving traction to this kinds of opppsite price movement in favor of BTC.

When Bitcoin starts to rally, all the alts and shitforks suffer.

BTC +2.98%

BCash -3.00%

Typically the pumps on BCash are 2x the BTC percentage change. So right now, it should be up 6% or so -- but that relationship has decoupled.

Interesting.

The traders are also pulling out there money on altcoins and putting all their bets in Bitcoin as it is only the big mover in the Top 10 right now. This had happened a lot before and I consider this normal as all traders want right now is a mover and they don't want to get their money stuck in a altcoin that is going down. Also with bad news just like Ethereum having a clog network it is giving traction to this kinds of opppsite price movement in favor of BTC.