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article imageBitcoin recovers to more than $10,800

By Ken Hanly     Aug 3, 2019 in Technology
Bitcoin has managed to claw its way back to over $10,800 today as it recovers from a recent dip well below $10,000. The top twenty altcoins are mixed but some of them are also in the green today.
Partz analysis
Helen Partz has an analysis of the price movements of bitcoin (BTC) and several other cryptocurrencies yesterday on Cointelegraph.
At the time of her analysis BTC had consolidated around $1,500 but the top twenty altcoins were mixed. 13 of the top 20 altcoins by market cap were on the upside. Texos (XZ) had the largest gain up more than 6 percent on the basis of CoinMarketCap data. Litecon (LTC) the fourth biggest cryptocoin on the other hand was down 4 percent over the past 24 hours.
Bitcoin (BTC)
After a recent bullish recovery move BTC was fluctuating around $10,400 although its intraday high reached $10,654. At press time bitcoin the biggest cryptocoin by market cap was up nearly 4 percent over 24 hours and trading at $10,478. Over the past 7 days bitcoin has risen around 6.5 percent.
Other cryptocurrencies
Ether (ETH) or etherium the second largest coin by market cap was up just 1.1 percent at $218. Over a week ETH is almost flat down about 0.2 percent. The third-ranked cryptocurrency Ripple (XRP) is down marginally 0.7 percent at $0.312. Over a week it is down more than 2 per cent.
Trading volume is up
Trading volume was up almost $10 billion on the day. Total market cap was around $282 billion but the trading volume went from around $48 billion at the start to $57 billion at press time according to CoinMarketCap data. According to Digital Asset Research firm Delphi DIgital the macroeconomic landscape is creating ideal conditions for a bitcoin price surge.
Other news
Nexo, a firm that provides instant crypto loans announced that it has launched a crytocrurrency credit card branded by the credit card giant MasterCard.
The US stock market dropped due to trade fears from Trump's tariffs. Dow Jones Industrial Average (DJIA) was down 256 points or about 1 per cent at press time with the S&P 500 down more than a percentage point. Nasdaq composite was down about 1.8 percent.
Present situation
24 hours ago BTC opened at $10,462 according to CoinDesk data. Since its low has been $10,366 but it rose to a high of $10,884 approaching closer to the $11,000 level. At 12:30 Central Daylight Time it was still at $10,826 a gain of $364 dollars on the day so far or over 3.5 per cent. Only two of the top twenty altcoins are now to the downside as the market has turned positive for now.
Etherium (ETH) is up at $222 a gain of 2.24 percent. XRP is at 0.3165 up 1.52 per cent. Litecoin (LTC) is at $95.41 up 1.6 percent. The present price of bitcoin and the top twenty altcoins can be found here.
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