Bitcoin, Cryptocurrency, Hot News

Bitcoin Hits A New Annual Record – What happened to the rest of the gang?

The best sought-after cryptocurrency, Bitcoin (BTC), charged to a new yearly high in early Monday hours (UTC), exceeding all but one coin in the Top 10.

At pixel time (03:33 UTC), BTC trades at $12,037 and is up by 2.3% in a day and nearly 8% in a week. Earlier today, it hit nearly $12,043, related with $12,041 ended on August 2 when it hit in minutes.

The price is also higher by 29% in a month and 5.7% in a year.

Image source: Coindesk

One of the best-performing tokens this year, ethereum (ETH), placed 2nd by exchange capitalization, is stable in a day and is up by 4% in a week, trading at $397.

Other notable coins from the top 10 coins by market capitalization are exhibiting confusing results, with Cardano (ADA) dropping the most (2.6%) and chainlink (LINK) rallying by 4%. LINK is now ranked 6th by market capitalization, giving bitcoin SV (BSV) and litecoin (LTC) back.

The entire market capitalization is up by 1.6%, to almost $371bn. In contrast, Bitcoin dominance, or the portion of the total market capitalization attains at almost 60%, up by almost 0.5 percentage point in a day.

Following the crash in the market a week ago, Marc van der Chijs, Founder of VC firm First Block Capital and openly traded BTC miner Hut 8 Mining, advised that more BTC flash crashes are occurring in this new bull market.

“Don’t be alarmed if BTC crashes all of a sudden. There is too much leverage in [the] derivatives market, and too many inexperienced traders are playing with money there. Do not sell!” he said last week.

@tylerwinklevoss Sold BTC at $,9,999

— I buy DIPS and put them into DRIP 💧 (@dividendsNdrip)

Meantime, as announced, Grayscale, a notable crypto asset management firm owned by Digital Currency Group, is set to start a national crypto ad operations in the US this week.

It begins at the time of notable socio-economic and geo-political uncertainties – which might be turning investors’ head towards financial and monetary options.

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