Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin’s Rise Not Shared by Crypto Rivals, Market Dominance Hits 19-Month High

CryptocurrencyJul 10, 2019 09:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - Bitcoin traded higher on Wednesday, extending its rally to five days and pushing the crypto sector higher, despite losses registered by its closest rival alt coins.

Bitcoin jumped 5.6% to $12,992.8 on the Investing.com Index by 8:27 AM ET (12:27 GMT), in a move that lacked clear triggers. It has been on a tear since the Federal Reserve signalled that it would stop raising interest rates, and has continued to gain as the prospect of a new cycle of interest rate cuts has loomed ever larger.

While Bitcoin remained below its 2019 high, the largest alt coin has climbed to 65% of total cryptocurrency market capitalization, its highest level since the beginning of December 2017, according to a report from cryptocurrency website Cryptopotato. That was just before the height of the cryptocurrency frenzy took bitcoin to nearly $20,000 before plummeting to almost $3,000.

Accordingly, the largest cryptocurrency was the main driver for overall gains in the sector on Wednesday as total market cap rose to $356.34 billion, compared to $348.23 billion a day earlier.

Among its closest rivals, Ethereum dropped 0.8% to $307.72, XRP fell 0.9% to $0.3911, while Litecoin traded down 1.0% to $118.271.

Matt Simpson, technical analyst at trading house City Index, said in a note on Wednesday that bitcoin had potential to hit new highs for the year as the bias will remain bullish above $12,100.

Beyond the year’s high of $13,929.8, Simpson suggested that current charts pointed to an initial target of around $14,290. “But (it) can eventually travel further and is certainly something to consider given the strength of the underlying trend,” he said.

In other cryptocurrency news, Fortune reported Wednesday that Visa (NYSE:V) has invested millions of dollars in Anchorage, a startup that secures digital coin holdings for institutional investors.

The financial magazine noted that it was the second known investment from Visa (NYSE:V) in a cryptocurrency startup and that both companies were founding members of Libra, a digital coin project pioneered by Facebook (NASDAQ:FB).

Bitcoin’s Rise Not Shared by Crypto Rivals, Market Dominance Hits 19-Month High
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Kenneth Pettersen
Kenneth Pettersen Jul 10, 2019 11:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pseudocurrency
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email