Bitcoin went on one of its most impressive price rallies last week, surging over 42% in just a day. Not only did this made last week the best one for Bitcoin since May, but it also returned the positive sentiment to the market, which had previously been fairly bearish.
However, the price has since retraced and is currently trading at around $9,200. Interestingly enough, BTC flash-crashed to slightly above $9,000 earlier today, but it managed to recover fairly quickly. At the time of this writing, Bitcoin is down about 2% on the day.
On another note, we also saw a very slight decrease in Bitcoin’s dominance, suggesting that altcoins managed to somewhat capitalize on the flash-crash. Indeed, this seems to be the case when looking at their performance as all top 10 cryptocurrencies are trading in the green against BTC, marking slight increases. ETH is up about 2%, the same as XRP. Bitcoin Cash is up about 3.6%, as all others are seeing minor gains in the range between 0.5% and 1.5%.
Total Market Capitalization: $247 Billion | BTC Market Capitalization: $166 Billion | BTC Dominance: 67.2%
Major Cryptocurrency Headlines
Bitcoin Cash Spikes 10% as Jihan Wu Resumes Control of Bitmain. Jihan Wu, who stepped out of Bitmain’s operations at the beginning of this year, has now resumed control over the company, ousting the current CEO Ketuan Zhan. In an email to staff members, Wu has ordered people not to take any directions from Zhan or participate in meetings organized by him. On the news, Bitcoin Cash increased by 10%. This is perhaps attributed to the fact that Wu has previously expressed his support for the cryptocurrency, as Bitmain spent around 70% of its operating cash flow from 2017 to buy BCH.
China’s CCIEE Chair: We Will Be The First To Launch Central Bank Digital Currency. The vice-chairman of China’s Center for International Economic Exchanges (CCIEE), Huang Qifan, has stated that the country will be the first to launch a blockchain-based central bank digital currency. He has also said that he doesn’t believe in Facebook and its potential cryptocurrency Libra. However, he feels that digital currencies of the kind are needed because the conventional and traditional payment methods are outdated.
NEO and Other Made-In-China Cryptocurrencies See Huge Price Gains. The news coming from China sparked a rally throughout the entire cryptocurrency market. However, Chinese-based projects saw even more impressive gains. Bytom, NEO, Ontology, Qtum, and GXChain were amongst the most notable gainers a few days ago.
The Biggest Winners and Losers
NoahCoin went on a major parabolic rally, surging upwards of 1100% in less than a day. The project recently announced that there is a transition and that users can now swap their existing tokens for native ones. However, given that this update was made around a month ago, there is no apparent reason to justify a surge of the kind. In any case, NoahCoin currently trades at around $0,004, which is a staggering increase compared to its price a day ago when it was only $0.00028.
IOST is another project which saw serious gains over the past 24 hours despite the seemingly stalling cryptocurrency market. Marking an increase upwards of 30%, IOST currently trades at around $0.0075. Interestingly enough, it surged even more against Bitcoin, charting gains more than 35%. The total market cap of the project is now over $90 million.
Bytom was one of the biggest gainers of last week’s rally, as we mentioned above. The coin surged about 80% following the news from China, but it has since cooled off and it is even down in the past 24 hours. BTM charts a decrease of around 10% and its price is currently around $0.11. The total market cap remains well above $113 million. The cryptocurrency is also down about 7.5% against BTC.