Bitcoin Trades Sideways as Major Altcoins Enjoy Sizeable Gains

Sunday, Aug. 11 — It is a largely green picture across the top-20 cryptocurrencies. While Bitcoin (BTC) has remained flat overall, altcoins have enjoyed some sizeable gains, with some rising over 9% on the day

Market visualization courtesy of Coin360

Bitcoin’s price was down a fraction at press time, losing 0.61% to trade at $11,352, according to Coin360­­. BTC’s value has tumbled by more than $500 in the past 24 hours — struggling to recover from a sudden $400 drop in the space of just five minutes on Saturday. Prices have remained relatively steady since then. Looking back at the past seven days, BTC is up by over 5%.

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH) enjoyed a more substantial uptick on Sunday. According to Coin360, prices have risen by almost 3% in the past day to reach $212.29 at press time. ETH has a current market cap of $22.5 billion, compared with $21.9 billion at the time of yesterday’s report. That said, the dominant altcoin is still down 3.19% on what it was a week ago.

Ether seven-day price chart. Source: Coin360

Ripple’s XRP has also enjoyed modest gains of about 1.78% over the last 24 hours, hovering between $0.290 and $0.310 throughout the day. The coin is down 4.83% on the week — 9.36% on the month.

Elsewhere among the top 20 cryptocurrencies, Stellar (XLM) has enjoyed something of a resurgence — gaining more than 9% to hit $0.079.

Stellar seven-day price chart. Source: Coin360

Dash (DASH) is also performing strongly — up 9.33% on the day to reach $107.88. 

According to CoinMarketCap, BTC has achieved 68.6% market dominance at press time — its highest level since April 2017. Overall, the industry’s market cap stands at $298 billion.