Since, on August 23, news broke that the SEC was examining all 9 denials of Bitcoin's ETF, there was a rejuvenation in the cryptographic markets that is evident with a BTC stable. Since then, the King of Crypto is slowly climbing back from the $ 6,300 levels seen earlier that day of the 23rd, to the current levels of $ 6700. Many cryptocurrency traders are thrilled that we could see Bitcoin levels of around $ 7,000 by the middle of the next week.
Resurgence of Alts
Meanwhile, alternative currencies have seized this opportunity for a stable Bitcoin and a good general feeling in the markets, to record impressive gains. Eight of these first 100 coins according to coinmarketcap.com, are driving the package with double-digit earnings in the last 24 hours. A better view of the market action can be seen in the screenshot below.
Further analyzing the list, we find that Lisk (LSK) is + 10.51% in 24 hours at current levels of $ 5.30. LSK was also a victim of the recent market downturn due to the postponement of Bitcoin's ETF sponsored by CBOE. At its recent low of August 14, LSK was valued at $ 2.73.
NANO is doing well with 16.81% of earnings in the last 24 hours. On August 14th, digital activity was valued at $ 0.81, indicating growth of over 200% since then. ICON (ICX) has more than 11% of earnings and is currently valued at $ 0.726. At its lowest on the 14th, ICX was valued at $ 0.50. Bytom (BTM) is currently valued at $ 0.195 and on 11.15% .
Aion (AION) is also doing well with 18.11% earnings in the last 24 hours. The digital asset is currently valued at $ 0.61 at the time of writing this. Wanchain (WAN) has not been left behind and is currently active 19% and trading at $ 1.07. ARK also recorded double-digit earnings at 17.24% and currently has a value of $ 0.856. Substratum (SUB) rose 23.34% in the last 24 hours and traded at $ 0.178.
Signs of a Good Week in Advance
With total market capitalization maintaining levels above $ 200 billion in one week, this stability could be taken as a sign that we are no longer in a downtrend. There is also the theory that the legal time in the northern hemisphere has led many encryption dealers to take vacations and to cash in their crypt to finance activities such as travel. Their absence could be the reason why we were living low volumes in the markets since the end of May. With the summer season over, we may see a slow increase in volume as we head towards the Christmas holidays.
Disclaimer: this article does not intend to provide financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.