BTC once again performed a rapid jump, generating doubts that the price spike was coordinated.
Bitcoin (BTC) rapidly climbed from the $11,400 level on Monday, easily going above the $12,000 mark. BTC traded at $12,667.01 as of 7:30 UTC on Tuesday, building on the previous day’s high above $12,345.
The rally, happening on volumes above $26 billion’s equivalent, once again boosted the dominance of BTC over altcoins. BTC now takes up 64% of the entire market capitalization for all digital assets, with the most bullish predictions seeing BTC suck up as much as 90% of the value. The climb in BTC pressured altcoins, which have depreciated in Satoshi terms by as much as 30% in the past months.
The BTC market price is still capable of a deep correction. However, the climb above $12,000 showed that the bullish case is still around:
Bears spent almost a full year building resistances for #bitcoin
Bulls smashed through it in less than 3 months. pic.twitter.com/IQ0lbtO6o5
— Crypto Thies (@KingThies) July 8, 2019
Now, there are expectations BTC may either continue to much higher valuations or go through another 80% correction if bearish moods and panic return.
Bitcoin mining remains extremely active, with hash rates in the upper range. Over the weekend, the Bitcoin network set a record of mining at 72 EH/s, and the current level hovers around 66 EH/s. Favorable market prices make the fight for block rewards more meaningful.
In an additional boost to BTC price levels, Weiss Ratings boosted the valuation for BTC to A-:
— Weiss Ratings (@WeissRatings) July 8, 2019
This is the highest grade received by BTC after the indexes for crypto assets were unrolled in early 2018. BTC receives a high grade due to its high-level adoption and liquidity.
As BTC prices rise, scams and quick earning schemes are back. After a few months of silence, the offerings for high-returns scams, as well as cloud mining contracts, have picked up again. As each BTC becomes more valuable and promises to move even higher, thefts and scams are also in revival. A fake Binance account promises a 5,000 BTC giveaway, leading to a site that works as a coin multiplier. Sending funds to those services guarantees a loss.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.