Bitcoin Holds Recent Gains Amid a Checkered Market Outlook

July 25: Bitcoin (BTC) is holding its newly won gains, having led the week’s impressive uptick to stay above $8,000. Other leading cryptocurrencies are seeing mixed fortunes, according to data from Coin360. Bitcoin (BTC) is trading around $8,200 to press time, down about half a percent on the day. The leading asset surged as high as $8,483 during early trading hours — a price point it has not seen since mid-May — subsequently retracing to its current level. Bitcoin’s weekly and monthly gains are at a bullish 10 and 34 percent respectively, according to data from Cointelegraph’s price index.

BTC dominance by market capitalization continues to inch upwards, now at 47.2 percent according to CoinMarketCap, after posting its 2018 record-high earlier this week. Reddit co-founder Alexis Ohanian — whose VC firm Initialized Capital was one of U.S. crypto exchange Coinbase’s first investors — said in a fresh interview that the “battle-tested” coin is “certainly the most robust” noting that “as volatile as it’s been…[Bitcoin] continu[es] to go up over the long term.”

Ethereum (ETH) is trading around $471 at press time, seeing around a 1 percent loss on the day. The top altcoin has seen considerable price movement between its morning peak at $484 and subsequent dip to as low as $464. Ethereum has now lost 4.84 percent on the week, but remains almost 1 percent up on the month. On CoinMarketCap’s listings, the top 10 coins by market cap are a mixed bag, with negative fluctuations capped at under 3 percent, and the heftiest gain pushing 1 percent growth over the 24-hour period. Bitcoin Cash (BCH) is down about 2.5 percent and is trading at $838 to press time, after an intra-day tumble to around $833, according to CoinMarketCap.