Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Climbs to $9,400 As Booming Altcoins Take a Break

July 8, 2020 at 15:28 by Matt Jackson

Bitcoin prices gained nearly $150 in under an hour in Wednesday trading, passing the $9,400 mark and giving fresh hope of another $10,000 test. In doing so, the world’s largest cryptocurrency caused a host of altcoins to take a brief respite from some monumental gains made over the past two days.

The digital gold had been trading between $9,000 and $9,300 since June 24, having fallen to this level after a failed attempt at $9,700 on June 23.

Bitcoin’s price congestion allowed a number of altcoins to make significant gains. VeChain has gained more than 110% in the past 7 days, while its secondary token, VeChain Thor, gained nearly 90% over the same period. Meanwhile, Cardano overtook Litecoin in total market capitalization, adding just over 40% to its price. Of the 5 biggest coins, it is Ripple that has enjoyed the best 24 hours, rising to test the $0.20 mark again after adding 7% to its own price in the past 24 hours.

The supply chain blockchain, VeChain has seen significant growth in the past week, benefiting from increased exposure. Company representatives attended an AI summit, leading to the number of Google searches for the term VeChain to increase fivefold. Although prices haven’t quite seen the same increase, VET is up 25% in the past 24 hours and now trading at $0.019. VeChain Thor, which is known as VeThor Energy (VTHO) and is the currency that is used to “power” transactions on the VeChain network, is up 42% in the past 24 hours.

Cardano has continued its recent run of form, adding another 15% to its price in the past 24 hours. The digital currency overtook Litecoin to become the 7th largest coin by total capitalization. It took very little effort to break through the $0.1 mark: a landmark that is achieved on July 6. Having broken the psychological barrier with aplomb, it went on to smash the $0.13 barrier before hitting $0.135 and starting to pull back. Following some correction, it now sits at a price of $0.126. Having started the year at $0.032, it has seen an increase of 300% YTD and could have the strength to press on further in the coming days, dependent on Bitcoin’s price action.

It’s possible that Cardano and Litecoin could group together in the coming months, according to recent activity on Twitter. ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1280557865145561089%7Ctwgr%5E&

Of the top 5 coins, it is Ripple that has enjoyed the best day. The 4th largest cryptocurrency had seemingly stalled at a price of $0.177 just a week ago, struggling to break through this point. However, on June 6 it managed to break this resistance level and push on further. Today, it very briefly passed the $0.20 mark, although it has fallen back a little since then. Ripple is currently trading at $0.199 and, if it can break the $0.20 barrier in earnest, it should have some room for growth ahead of it.

Another cryptocurrency to have performed exceptionally well over recent days is that of Dogecoin (DOGE). Technically, it is a fork of Litecoin, but its CEO, Jackson Palmer, once described it as a joke cryptocurrency. In an article on Vice magazine, he said that the coin’s market capitalization of $2bn indicated that there was something seriously wrong. While the cryptocurrency might not be a serious currency, it sporadically catches the attention of social media users (and Elon Musk), and a TikTok campaign in recent days has propelled its price upwards by 39% in the past 24 hours, making it the 27th largest cryptocurrency by market capitalization. Even the cryptocurrency’s own Twitter account seems concerned by the sudden price inflation:

At 16:15 GMT, Bitcoin (BTC) is up 1.74% at a price of $9,427.14 while Ethereum (ETH) has enjoyed a decent gain of 3.19% and is trading at $245.74. Ripple (XRP) is up 7.34% and changing hands at $0.199. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are trading at $244.62 and $190.14 having added 3.05% and 2.59% to their prices respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply