Bitcoin (BTC) has seen solid growth to break back above the $7,000 mark today, August 7. The overall crypto market is seeing a healthy flush of green, rallying forth after the weekend’s losses, as data from Coin360 shows.
Market visualization from Coin360
Bitcoin (BTC) is trading around $7,118 at press time, up around 2.5 percent on the day. After several faltering attempts to break past the $7,000 threshold yesterday, the leading cryptocurrency has today seen a sustained uptick as of very early trading hours. Today’s growth has not yet pushed the coin’s weekly price change back into the green, however, which still remains at around an 8 percent loss. On the month, Bitcoin is now up almost 9 percent.
Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index
Fundstrat’s head of research and well-known Bitcoin bull Tom Lee today used his firm’s recently launched Bitcoin Misery Index (BMI) to evaluate the coin’s current market momentum. The index determines that any value below 27 signals promising future returns, while 68 is set as a “time to sell” misery threshold. With the index presently at 39, Lee said:
“Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.”
The analyst also noted the recent uptrend in Bitcoin dominance by market capitalization, which as of press time is pushing 48 percent. In late July, BTC dominance had surged to 2018 record-highs, hitting levels not seen since last December, at a time when the coin was trading just below its $20,000 industry peak.
Lee also singled out the Intercontinental Exchange’s (ICE) plans to develop a regulated, global digital assets platform — spearheaded by Bitcoin-fiat conversion for consumers — as a strong bullish signal for the asset.
Ethereum (ETH) is currently trading around $409, up around one percent on the day to press time. The altcoin is now closing its losses on its weekly chart: while the asset is still down around $20 from its price point at the beginning of August, only yesterday its weekly value loss was above $50. Closing down to a 6 percentage loss on the week, Ethereum is still around 1.5 percent in the red on its monthly chart.
Bitcoin image via Shutterstock.