July 23: Following a major upswing[1] that kicked off on July 16, Bitcoin[2] (BTC)’s price performance has diverged from other top cryptocurrencies. As Coin360[3] data shows, the top coin continues to build on its recent gains, while most major alts are struggling to maintain positive momentum.
Market visualization from Coin360[4]
Bitcoin[5] (BTC) is trading around $7,740, up 3.17 percent over the 24 hour period at press time. The leading cryptocurrency has been gradually inching towards an ever higher price point all week, consolidating growth following sharp spikes[6] on both July 16 and July 17.
Today, BTC dominance by market capitalization[7] in the total crypto market posted[8] its highest level yet in 2018, passing 46 percent[9], a threshold last seen December 22, 2017, when the coin was trading just below all-time highs of around $20,000[10].
Percentage of total market cap (dominance) from CoinMarketCap[11]
Bitcoin’s weekly and monthly gains are in positive territory, at about 15.8 and 24 percent respectively.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index[12]
Ethereum[13] (ETH) has failed to hold its recent gains, with the top altcoin trading around $452 at press time, down 2.55 percent over the 24 hour period. After an intra-weekly high of $510 on July 18, the asset’s subsequent downturn saw it trading as low as $444 by July 20, before reclaiming some ground to its current levels. Ethereum has now lost 5.66 percent on the week, 6.42 percent on the month.
High point in
