The BTC dominance climbs a level up this Wednesday. After surpassing 65%, many analysts believe that the price of the most popular cryptocurrency is heading for new highs this year. The current dominance level of Bitcoin is everywhere in the latest cryptocurrency news.
As the most dominant cryptocurrency shot over $13,000, it is now up by 2% in the past 24 hours and by 14% in the past week. The performance puts BTC up by 70% in the past month which is why the BTC dominance climbs as we speak. All in all, Bitcoin is a favorite cryptocurrency for many people.
This also shows that the Bitcoin dominance is 18% higher than a month ago. The percentage is reported by many best cryptocurrency news sites as it increases. Meanwhile, the total market capitalization stands at $356 billion as the majority of the altcoins in the top 100 are in red today.
As the BTC dominance climbs, the money flow into Bitcoin in the past 24 hours is as following (by currency):
Tether: 4.16 billion
USD: 1.16 billion
EUR: 191 million
JPY: 231 million
CNY: 234 million
KRW: 64 million
GBP: 72 million
All of this signifies that while BTC is rising, the coming altcoin news do not follow the rises for the top 10, top 20 or even top 30 coins. Still, we can expect a positive momentum in the altcoin segment soon.
The fact that the BTC dominance climbs puts many altcoins at risk. Today only, most of the top 10 altcoins are losing their share and falling by 1%, 2% and over 3%. The only gainer at this point is UNUS SED LEO (LEO) which as the BTC dominance climbs, managed to post 3% gains.
Tezos (XTZ) is also in the news for rising by 6% and reaching the $1.24 mark. Crypto.com Chain (CRO) gained 7% overnight, while Bitcoin Gold (BTG) is also impressive as it crossed the $30 mark with 5% gains. Other than these, we can’t see many altcoins in the altcoin news with big gains.
As the BTC dominance climbs, traders believe that Bitcoin will soon post a new yearly high for 2019. As a reminder, the previous yearly high for BTC was established a month ago when Bitcoin jumped to $13,800 before correcting down to below $10,000.
Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”The results of the Messari research show the same thing that Europol already concluded in their report ‘’Why Cash Is Still King?’’ where they talk about fiat money is the number one tool used in crimes. In the reports they also describe how criminals still use fiat money in their operations rather than bitcoin and cryptocurrencies:
“Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process … While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”As noted in some of the best cryptocurrency sites and reports, bitcoin is still considered as stable rather than fiat money since in the last decade the FED increased the currency supply by more than 12.664% which is more than Bitcoin did.
Big BTC Price Boom Will Bring To Consolidation: Market Experts
“If BTC goes to $100, it is game over. It won’t. It’s already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. BTC is consolidating before its next move higher.’’The crypto technical analyst Josh Rager indicated that from a technical perspective, Bitcoin has still not broken out of the $10,850 resistance level:
“Daily time frame resistance did its job & price closed under after that $400+ wick It’s always good to wait for a retest to make sure a broken resistance holds as support & this is a clear example Neutral at the moment & still in range.’’The big BTC price boom is expected to bring the price above the $11,000 level and it is expected to start a consolidation phase. The traders indicated that the $10,850 resistance level should be breached in order to confirm a bullish trend:
“10.4 met. No violent reaction, no rejection – BTC looking decent. Let’s see reaction at this next resistance. Punch and close above $10,850 and things start looking substantially bullish.’’As it was explained in the analysis in the best cryptocurrency news sites, Bitcoin was not able to reclaim the $10,850 position despite the action which led the cryptocurrency to surpass the $11,000 on July 20. As the price slumped, precious metals such as gold and silver are having the best times of their lives. However, according to Equity Armor Investments executive Brian Stutland, says that crypto assets will appeal to investors if the interest rates fall.
Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
"We think #Bakkt could be a huge catalyst for institutional participation in the #crypto market. Here are our takeaways from the Bakkt institutional summit yesterday at the NYSE… #bitcoin #BTC #ETH," one of the tweets which went viral on many best cryptocurrency news sites reads.As per analysis from Sam Doctor of Fundstrat, institutions and other entities in attendance were not only bullish on Bakkt but the broader Bitcoin and cryptocurrency market, too. In a recent Fundstrat research note to Twitter, Doctor explained that his first-hand experience of the event slated to be the first US regulated vehicle of its sort that is physically delivered. He pointed out to the Bakkt BTC futures, saying:
“As we have written before, Bakkt tackles many of the barriers to adoption for traditional investors seeking to expand their mandate to include crypto.”He also went on to write that there “appears to be a critical mass of adopters ready to come on board on Day 1 of the Bakkt launch,” noting that the firm's sales team is starting to ramp up discussions with everyone from brokers and market makers. The news comes hot on the heels for Bakkt BTC futures. Earlier this year, the company made a series of hire as their "Careers" page noted. One job listing called for a mobile app developer which sparked a further discussion about Bakkt's plans post-Bitcoin futures. An excerpt from Bakkt.com reads:
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets.”Earlier reports have suggested that Starbucks may be one of the users of Bakkt's eventual payments solution which is most likely to involve Bitcoin. Currently, the Bitcoin and altcoin news show stability on the market after the wide breakout.
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