Bitcoin News Today – Bitcoin spent most of last week fluctuating around the range $11,000 to $12,000. At separate points on August 6, 7, and 8, the cryptocurrency briefly broke into the $12,000s. However, on August 10, it made a sudden $400 fall in value. Earlier on August 4, BTC broke $11,000.
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On Tuesday, August 13, BTC dipped below $11,000level again. Similarly, most of the 20 top cryptocurrencies recorded moderate losses on the day at the time of the report. According to Coin360, Bitcoin is currently trading at around $11,019 at a down of 3.12% on the day. However, its weekly chart shows that its price is up by about 6.55%.
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Still, Cointelegraph’s market information tools and some other sources reported that the coin currently trades under $11,000. According to CoinMarketCap, a cryptocurrency information platform, the current Bitcoin price is below $11,000 on many exchanges including Binance, BitMex, Huobi, and OKEx.
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Earlier today, Cointelegraph reported that Murad Mahmudov believes the king of cryptocurrencies will reach $100,000. Mahmudov, a Bitcoin maximalist, is the former analyst at Goldman Sachs. The total market capitalization of all cryptocurrencies at press time was $287.5 billion. This market cap is 6.47% lower than the value recorded the previous week.
On Sunday, August 11, Bitcoin price remained flat overall. The market condition favored the top 20 altcoins with some of them recording over 9% rise on the day. A look at the market chart for the past seven days shows that Bitcoin is up by over 5%. The price of the crypto-asset is relatively steady since it made a sudden $400 slip within five minutes on Saturday.
The value of Bitcoin has fallen by over $500 by the next day, Sunday, August 11. Coin360 reported that the coin traded at $11,352 at 0.61% down. Despite Bitcoin’s dip, major altcoins recorded slight gains.
Ripple (XRP) made moderate gains of about 1.78% as it hovers between $0.290 and $0.310 throughout Sunday. However, XRP is down by 9.36% on the month and 4.83% on the week. Also, Stellar (XLM) made a resurgence as it gained over 9% to hit $0.079. XLM is among the top 20 cryptocurrencies.
Ether (ETH) made a more substantial upward movement on Sunday. Coin360 reported that the token price rose by almost 3% on Saturday to reach $212.29 at the time of the report on Sunday. Then the market cap of ETH was $22.5 billion compared to the value ($21.9 billion) reported on Saturday. Still, the top altcoin is 3.19% down compared to its value in the previous week.
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The tension in Hong Kong and Argentina has forced local investors to pay a premium for Bitcoin. Political uncertainty and extreme currency devaluation have facilitated the top cryptocurrency becoming the last resort asset. The premiums support the notion that Bitcoin is a means of keeping assets safe from authoritarianism and fall in local currencies. However, this week’s dip of Bitcoin’s price to below $11,000 suggests otherwise.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.