Bitcoin is climbing at the expense of the altcoins. There was a very clear and distinct correlation between Bitcoin and altcoin price movements as one fell when the other climbed, usually signaling traders moving their money around in the markets. The same is happening at the moment and very little ‘new money’ is coming into crypto.
Bitcoin is on a roll at the moment, climbing 6.19% on the day to trade at $8,159, the highest it has been since late May. Its market dominance continues to rise eating away the altcoins and currently approaching 50%. Bitcoin currently has a 47% share of the total crypto market, which is its highest level this year.
The second most popular cryptocurrency, Ethereum, has made a marginal gain on the day rising 2.46% to $474. ETH trade volume is approaching $2 billion which could signal further upside momentum. Bitcoin Cash and Litecoin are both up by more than 4% at the time of writing but the rest of the altcoins in the top ten have fallen a couple of percents today.
Only Monero is showing a significant gain in the top twenty altcoins with a rise of 6.16% on the day to trade at $142. All of the others are relatively flat again with 1-2% movements in either direction. Zcash is performing well today with an 11% jump to $215.