July 20: Bitcoin[1] (BTC) has split off from other top cryptocurrencies and shows markedly more resilience in holding on to gains secured in the major upswing[2] that kicked off earlier this week.
Market visualization from Coin360[3]
As Coin360[4] data shows, the top coin is an island of green, while most major alts are struggling to maintain positive momentum.
Bitcoin[5] (BTC) is trading around $7,398, up a fraction of a percent over the 24 hour period to press time. The leading cryptocurrency has been trading sideways as of early trading hours July 18, following an impressive uptick on July 16 that accelerated[6] yet further July 17.
Bitcoin’s weekly and monthly gains are in positive territory, at about half a percent and 20 percent respectively, according to CoinMarketCap data.
Reflecting on Bitcoin’s strong rally this week, Arthur Hayes, CEO of crypto exchange BitMEX[7], said[8] today that the current bull run may yet give way to test a price point of $5,000 before heading to $50,000 in 2018.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index[9]
Ethereum[10] (ETH)’s price performance has been less buoyant, with the top altcoin trading around $453 to press time, down 2.6 percent on the day. After soaring as high as $510 on July 18, the asset began to see a jagged decline.
While recent growth has secured a positive weekly percentage gain of around 5 percent, Ethereum’s monthly performance is a little more than 3 percent in the negative, according to CoinMarketCap data.
High point in Ethereum’s
