Bitcoin bulls on full control, Everybody now must be buying BTC

Bad news for Alts, BTC just started another path to all time highs

  • Data from Binance showed BTC/USD hitting $12,330 on Aug. 6, bringing its weekly gains to over 25%.
  • Hghest since July 11, and comes amid continuing tensions in the trade war which began between China and the United States.
  • Unrest in Hong Kong and the U.S. designating China a currency manipulator this week
  • Donald Trump And Steve Bannon In Surprise Bitcoin Split
  • pressure on stock markets coincided with Bitcoin surging over the weekend.

“Bad news for majority of alts, some will go up in USD but majority outperformed by BTC,” regular analyst and trader Josh Rager summarized Tuesday.

He added that Bitcoin’s market cap dominance, currently at 68.4% and at a more than two-year high, might never return to its 2018 all-time lows of 35%.

Bitcoin meanwhile may now be set to challenge its 2019 local high, which saw it reach $13,800 in June.

Tom Lee, head of Fundstrat, said cryptocurrency is a hedge against global risks, amid the U.S.-China trade conflict and currency war.Lee also said crypto is now “positively correlated to gold” and it proved “itself this year to be a hedge against global risks.”

Bitcoin under $10,000 is history, Only going up from here | Bitcoin Chart Goes Extreme Bullish

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Mohsen Daemi
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