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Friday, July 19, 2024

Bitcoin Stuck Below $31K, While FIL and GRT Skyrocket by Double Digits (Market Watch)

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Bitcoin continues to remain sideways and has not made a move in the past 24 hours.

Most altcoins have produced slightly more impressive gains within the same timeframe, with ETH nearing $2,000 and DOT jumping by almost 5%.

Bitcoin Calms

Bitcoin registered impressive gains two weeks ago when it climbed to over $31,000 for the first time in months after BlackRock filed to launch a Spot BTC ETF. After gaining over $4,000 in days, the cryptocurrency calmed and spent most of last week trading in a range between $30,000 and $31,000.

It dumped hard on Friday to a 10-day low of $29,500 on reports that the SEC has issued warnings against all recent Spot BTC filings. However, the bulls intercepted the move and didn’t allow any further declines.

Just the opposite, bitcoin spiked by a grand and went back up to $30,500. The weekend was significantly less eventful as BTC remained stuck at around that level.

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So far, Monday doesn’t seem all that different, with the asset sitting around that line once more. Consequently, its market cap has remained below $600 billion, while its dominance over the alts has taken another hit and is down to 49.2% on CMC. This means that the metric has declined by 1% in a few days.

BTCUSD. Source: TradingView

FIL, GRT Take Main Stage

Ethereum has jumped by 2.5% in the past 24 hours, which has helped it near the coveted $2,000 line. Binance Coin is close to $250 after a 1.5% increase within the same timeframe.

Ripple, Cardano, Dogecoin. Litecoin, Solanna, Tron, and Bitcoin Cash are also slightly in the green. Polkadot, Polygon, and Avalanche have added more value in the past day, with gains of up to 5%.

The most substantial gainers on a daily scale, though, are Filecoin and The Graph. FIL has soared by 16% to over $4.5, while GRT has exploded by 25% to above $0.13.

As such, the total crypto market cap has managed to add another $10 billion in a day and is above $1.210 trillion now on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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