Prices of major coins dropped briefly on July 26, after the US Securities and Exchange Commission (SEC) rejected a Bitcoin exchange-traded fund (ETF) application filed by Gemini owners Tyler and Cameron Winklevoss.
However, a statement by SEC commissioner Hester Peirce seems to have reignited optimism and the market (Bitcoin BTC) rebounded to recover lost ground.
Peirce said she was:
“concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market.”
She then added that:
“More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order.”
The market now looks forward to the SEC’s approval of the Cboe bitcoin ETF, although positivity has been tampered by recent events at the Commission.
The cryptocurrency market is slightly bullish at the moment with average trading volume hitting over $26.3 billion and the market cap slightly gaining to stand at $298 billion.
The top six coins are all trending in the green over the 24-hour and 7-day periods. If the sentiment continues pointing north, many of the coins are likely to post price growths.
Bitcoin (BTC) Price Analysis
Bitcoin’s drop by nearly 5% on July 27 was just a blip that has quickly faded. The top coin dropped from price levels near $8,300 to a low of $7,839, before increased trading saw it close above at $8,165.
Today has the bulls pushing hard to hold momentum above $8,100. BTC/USD has gained about 3.35% in the last 24 hours and is bullish on the hour-to-hour charts.
The leading coin’s performance over the last 7 days is still very strong, leaving it +12% higher over prices have seen a week ago. BTC/USD is currently trading at $8,208 and is looking up.
If the bulls keep the bears off, then BTC may reach prices near $8.5k and even test $9k this weekend. A downside will see buyers get support at $8,000 and $7,850.
Bitcoin’s price rally was majorly supported by an increase in trading volume. The increase in demand for the coin saw its market dominance rise to 47.8%, with over $7 billion in daily trades.
At the moment, however, BTC lies third behind Tether and Ether in terms of intraday volumes.
A total of about $5.9 billion worth of BTC has exchanged hands, compared to over $8 billion for the stable coin and over $6.6 billion for ether.
Bitcoin remains the most dominant coin in the market though, with 47.3% rate and a market cap of $140 billion.
Ethereum (ETH) price Analysis
Ethereum has been slow to react and benefit from the recent market upsurge. However, it appears the second largest coin is shaping up for a breakout.
If the momentum that is building up is held, the ETH/USD pair will likely reach that elusive $500 and see higher gains. One thing is strange in the market today, though, as Ether trading volumes have overtaken Bitcoin by a couple of billion.
Data on XBT.net shows that ETH trading volume has spiked from $1.7 billion to nearly $6.7 billion.
A majority of this volume is on a small trading exchange called EXX. Figures show that it accounts for nearly 70% of Ethereum’s volume at the moment.
ETH has so far been unable to hold momentum above $475. It has touched a low of $458 and a high of $473 in the last 24 hours.
ETH/USD is currently trading at $470, having gained about 1.40% and 3% in the last 24 hours and 7 days respectively. The bulls must find support above $475 and look to close at $480 for the bullish angle to sustain over near-term.
It’s not clear what has led to the spike as seen on XBT.net, but that has led to a spike in market cap. Ethereum’s total market cap is currently $47.4 billion.
Ripple (XRP) Price Analysis
Ripple price hasn’t been able to break out of a tight range for the last several days. It has been so since it hit highs of $0.52 and then dropped to $0.45.
The third largest crypto coin has found it difficult to test prices near that level, trading between $0.44 and $0.466.
The wave of negativity hasn’t helped prices, the latest being from LTC founder Charlie Lee who has equated XRP to diamond saying that it “is somewhat like a diamond because its supply is also artificially controlled.”
XRP/USD thus continues to flounder, despite the efforts and resilience showed. The crypto is currently trading at $0.455 against the US dollar. It has touched a high of $0.459 and a low of $0.445.
Currently, it’s in the red on the hourly chart, but marginally looking up on the 24-hour scale with a 1.3% upside swing. The daily trading volume is $184 million, compared to $203 at the close a day earlier. The coin’s market cap is $17.8 billion.
It’s tough to see XRP surging higher than $0.49 near-term unless an injection of a really positive sentiment.
Bitcoin Cash (BCH) prices
Bitcoin Cash (BCH) price today is looking to test resistance above $830. The 4th ranked crypto had seen demand dwindle in the last several days as indicated by the decrease in daily trading volume.
It has a market cap of $14.2 billion and an intraday trading volume of $576 million. BCH price had dropped below the $800 level on July 23, before a surge saw it break out to reach a high of $871.
However, pressure from the sellers meant it dropped back below to $785. It has also touched an intraday high at $829 and is currently holding support near $820 against the US dollar.
BCH/USD has gained by 2.88% and 8.24% in the last 24 hours and 7 days respectively. If the buyers hold above current levels, it might test resistance at $850 and $900. A decline brings in the support line at $785.
EOS (EOS) Price Analysis
EOS price has been fluctuating in a range over much of July, with a low of $6.67 and a high of $9.39. It has found it difficult to hold momentum above $8.30, often seeing declines immediately the price touches levels above that area.
Trading in the last 24 hours has seen the bulls rally to a high of $8.51 and then retreating to its key support area just above $8.00.
EOS/USD is currently trading at +1.37 % and +5.67% higher over its price in the last 24 hours and seven days respectively. It’s exchanging hands at $8.35 against the US dollar.
At the time of writing, average trading volume has risen by over $100 million from $694 at close on July 27 to over $826 million. The market cap now stands at $7.5 billion.
The coin is ready to test higher levels as buyers continue to push off sellers. An upside will see it hit above $9.00 and possibly test $10.00 once again. a downside will put pressure to bulls at $7.80
Stellar (XLM) Price Analysis
Stellar prices were on ascendancy till it touched a recent high of $0.348. The coin’s demand also shot up as a series of positive events brought buyers to the market. However, a slight pullback at the last high price led to a decline that saw it break below to $0.29.
Today has seen the formation of a green angle that has left prices trending north at +5% and +15% in the last 24-hours and 7-day trading sessions. The XLM/USD pair has broken above once more and currently trades at $0.32.
The coin is likely to see huge price jumps as indicated by today’s intraday trading patterns.
The average trading volume is $97 million, nearly half lower than it was when prices rallied to $0.34. The coin’s market cap is now $6.0 billion, up from $5.7 billion at close on July 27.
Lumens have touched a high of $0.322 and a low of $0.29 in the last few hours, and are still very volatile. Therefore, it could see gains near $0.34 or slide back to $0.29 in the near-term.