Cryptocurrency Market News: Bitcoin touches $11,000 after a massive breakout above $10K

Here is what you need to know on Tuesday, 28 July

BTC/USD had a massive rally towards $11,000 after a small breakout above $10K on July 26. The number one digital currency is experiencing a significant increase in trading volume while eying up $12,300, the 2019-high. 

ETH/USD continued with its own rally touching $330 and is seeing even more bullish trading volume which indicates the buyers are not yet done and the momentum is extremely strong.

XRP/USD also had a breakout but remains weaker and in need to first break the 2020-high at $0.338, which is quite far away from the current price at $0.221. 

The majority of altcoins had significant crashes today, something quite expected when Bitcoin has massive rallies. Swipe, recently acquired by Binance dropped 25% within hours. Chromia which was one of the best performing altcoins also had a notable 13% dip but remains fairly strong. Bitcoin’s total market dominance has increased to 62.8% from a low of 60.16% on July 26.

Chart of the day: BTC/USD daily chart

Market

Obviously, the most notable event of the day was Bitcoin’s rally towards $11,000. While no one knows exactly why it happened now, we do know that many indicators were bullish for Bitcoin. The global stock market already did what Bitcoin is doing now so it seems that BTC is simply a lagger in comparison. Additionally, the dollar is now the weakest it has been since September 2018 which is also fueling Bitcoin’s rally.

From a Technical Analysis standpoint, Bitcoin was showing really positive signs on both the weekly and monthly time frames. Major trust funds like Grayscale have been buying massive amounts of Bitcoin throughout 2020 while coins held inside exchanges kept falling, indicating a notable interest in holding the digital asset. 

Of course, the initiator of this bull rally was Ethereum which broke $250 and set a new 2020-high way before Bitcoin did. ETH price is also getting close to its 2019-high at $366.

Industry

Bitfinex, one of the biggest exchanges in the world has announced the launch of its new PEP lending tool. The new platform is designed to automate lending and it will be highly customizable. 

Once customers have to input their preferred settings, Lending Pro will use those settings and market conditions to automatically offer and extend lending in our peer-to-peer marketplace, on the customer’s behalf. Lending Pro potentially allows users to increase their earnings by automating the management of crypto lending in the platform’s peer-to-peer lending portal

Quote of the day

You should be taking this technology as seriously as you should have been taking the development of the Internet in the early 1990’s.

– Blythe Masters