The cryptocurrency market woke up at the end of July, allowing Bitcoin (BTC) and other cryptocurrencies to reach their highest price in many months. Bitcoin price was able to break very important resistance levels and many analysts consider it could continue moving higher in the coming months.
Bitcoin Price and Altcoins Wake Up
The current Bitcoin price stands at $11,578 in Coinbase, one of the largest exchanges in the market. The digital currency is now attracting a larger number of investors and users that want to profit from the current bull market that is starting in the industry.
This time, there are several altcoins that are following Bitcoin’s price and moving higher. Investors understand that despite the higher risk of holding altcoins, some of them could definitely skyrocket in the coming months. According to CoinMarketCap, all the top 10 altcoins registered gains in the last 24 hours.
Ethereum (ETH), XRP and Litecoin (LTC) are among the most benefited digital assets in the last few hours. All of them are reaching their highest prices in several months operating in tandem with the entire crypto market.
Some altcoins are also moving higher against Bitcoin price, which shows that these digital assets ar removing higher even faster than the most popular cryptocurrency in the world.
Volume in the market is also growing, showing that there are many more users trading virtual currencies compared to some days ago, when the volume was at the lowest point in several months.
Despite speculation in the market, which is something that certainly exists, Bitcoin is also a great tool to transfer money across borders in a decentralized manner. This is highly important considering that until Bitcoin was created this was something impossible to do.
At the same time, Bitcoin can also become a store of value in times when currencies such as the U.S. dollar and previously EM currencies were experiencing issues.
The same is happening with Ethereum. The Decentralized Finance (DeFi) market continues to expand and attract a larger number of users and individuals. Traders and investors can enjoy high returns on their investments when they place their funds in DeFi solutions. Nevertheless, the market is yet very young and there could be many issues that could have a negative effect on the market.
Currently, Ethereum has a price of $356 and a market valuation of $39.84 billion.