As $BTC continues its 2019 rally, the biggest and oldest cryptocurrency, Bitcoin, has been moving upwards over the past week, causing ripples in the market as top currencies struggled to make out the direction it was about to take. The market sentiment had just made up its mind as $BTC broke the USD12000 price tag, and top currencies have followed Bitcoin recording gains, when the price of Bitcoin suddenly dropped under USD12000 and is at the time of writing trading for USD11377 per $BTC and holding a USD203bn market capitalization. The stagnation, which some have started calling a consolidation before the next big push upwards, has reflected on other top currencies, which all experienced small price changes as the markets eagerly await for $BTC to make up its mind about the direction its about to move in.
Over the past 24 hours $BTC records a 0.2% loss while its high market dominance rose back to 68.6%, as most of the top currencies recovered from the past couple of day's bleed caused by the volatility of BTC.
The worst performing coin over the past 24 hours was $XMR, Monero, which managed to chart a 0.76% price decrease. The best performing coin over the same period was Bitcoin Cash, $BCH, which managed to outperform the rest of the top currencies, as well as Bitcoin, charting a 3.1% gain.
In the traditional markets, major stock indices opened the week in the red as global developments between U.S. and their trade partners take toll - the S&P 500 records a 0.58% loss on August 12th, Dow Jones Industrial Average is down 0.68% while FTSE 100 Index is recording a 0.11% loss. The SSE Composite Index is experiencing a 1.45% gain. The recent performance of traditional markets is of small wonder, considering the recent statements from the U.S. president, Donald Trump, who announced more trade tariffs will soon be introduced by the U.S., as well as the increase of global tensions due to the breakdown of the nuclear armament agreement between Russia and the United States. However, given the fact that turmoil in the traditional markets often favored those of cryptocurrency, we could see some interesting movement from the major cryptocurrencies in the days to come as the situation continues to escalate.
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