Bitcoin Price Bounces Below $8,000 and Back Up, Altcoins Struggle to Keep Up

Tue, 07/31/2018 - 08:06
Darryn Pollock
Bitcoin has shown its resistance in bouncing back quickly from a drop below $8,000, but for altcoins, this quick bounce has left many of them reeling
Cover image via U.Today

Bitcoin showed that the current market conditions are well and truly in its favor as a drop below $8,000 was quickly corrected with the digital currency bouncing back to the same price as before. However, the altcoins in its wake, usually mirroring Bitcoin struggled to keep up as they reported big losses.

Bitcoin still sits in and around $8,200, barely feeling a drop, but the rest of the top 10 coins have all fallen between two and nine percent with Cardano losing the most momentum.

On the other side of things, there is a big boost for Tokenized securities Blockchain project Polymath which surged as much as 40 percent on the news of a Binance listing.

Bitcoin’s bullish tendency

Bitcoin’s credentials as the king of cryptocurrency have taken a different edge in this latest rally as, instead of being the head of the entire market’s snake, it is showing tendencies of breaking away and forging its own path.

The latest breakaway has seen Bitcoin drop sharply below $8,000 to an old resistance point of $7,200. However, it took a matter of hours for the cryptocurrency to get back to its original position continuing its general sideways movement.

Flailing altcoins

The result of this move by Bitcoin has caught other coins well off guard. Some of the next biggest coins have not bounced back at all from the overnight drop felt across the markets.

Ethereum, Ripple and Bitcoin Cash are all down around three percent, however, EOS, a $7 bln Blockchain protocol backed by billionaire investors such as Peter Thiel and Mike Novogratz, has fallen by more than seven percent over the past 24 hours.

Cardano is down even more, around nine percent, as it carries on a general downtrend for the past seven days. Cardano has lost more than half its value since a spike in early May got it to $0.37; it now sits at $0.14.

Eyes on the market

People’s interest in Bitcoin and the rest of the market's movements are heightened at the moment with the anticipation of potential cryptocurrency ETFs swirling. Cryptocurrencies are becoming more accessible and more normalized and as such, the markets are reacting positively.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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