Posted 2 years ago | by Ben Armstrong
Current Bitcoin Price & Dominance
Right now, the Bitcoin price according to Coin Market Cap is $10,545. Bitcoin Dominance is now sitting at 66% which is the highest since it has been at since April of 2017. Bitcoin has a total market cap right now of $188.26B. It seems like Bitcoin could be ready to make another leg up on its way to a new all time high.
Bitcoin Big Move Could Be Ahead in the Near Term
While many bearish analysts have been calling for moves down below $9k, Bitcoin has once again started to surge. It's amazing how all it takes is one or two days for people to change their opinion on where Bitcoin is going. Traders can certainly flip flop quickly, but then again so can Bitcoin. While July was a down month, Bitcoin could be looking to flip that around with a nice green candle in August.
Bitcoin does still need to cross over the $10,600 price level in order to get back to a more bullish sentiment. That seems to be a hard line for resistance that has been thrusting Bitcoin backwards whenever it approaches it. However, this move might be different and many are starting to believe Bitcoin could be heading up and quickly. And after 4 consecutive days of green, there is no reason to doubt that sentiment.
Here's Why Bitcoin May Take Off
For the first time this decade, the Fed cut rates. And while there is no historical data to show that this could lead to huge bullish action from Bitcoin, many traders are excited that this could trigger a bull run. The reason why there is no historical comparison is because this is the first time since Bitcoin's conception that the rates have been cut.
The United States is certainly not the only country contributing to this sentiment. All across the world, central banks are trying to ease inflation through dovish policies. Banks around the world right now are very nervous because there are many impending situations that could have huge financial impacts across the world including the trade war between the U.S. & China, Germany's lack of GDP growth, & the possibility that the UK could possibly nix its Brexit plans.
Usually during times of uncertainty, Gold is the standard. Investors move many of their holdings from fiat currency to assets that have more stability. However, Bitcoin is a new asset that could benefit greatly as fiat inflation increases. Many crypto enthusiasts have been "banking" on a fiat currency collapse for years now. Could we be about to see it?
To find out more about this story and Bitcoin news from today, watch today's BitBoy Crypto video: