Following the huge rally early this week that saw Bitcoin rise 16 percent to a high of around $7,570, yesterday a mild correction took the price back down to around the $7,300 mark.
Today sees the bullish trend continue with a small increase up to $7,419 but analysis by FXStreet predicts an extended move north is still coming.
Cryptos self-proclaimed messiah John McAfee was vocal on Twitter again, saying the upcoming bull market will make “Krakatoa seem like a Meerkat’s burp”, whatever that means.
Bitcoin – $1,000 increase in one week. Is this the bull market? I have no clue. 10 such increases in succession and I will consider it Bull. In the meantime, know this: The Bull Market IS coming. And when it does, it will make the eruption of Krakatoa seem like a Meerkat’s burp.
— John McAfee (@officialmcafee) July 18, 2018
The price rise has driven a huge amount of volume into the market, pushing cryptocurrencies total market capitalization up by $40 billion to around $290 billion. At one point late yesterday during the peak the market almost surpassed the $300 billion mark.
The majority of altcoins are down today though, which may indicate investors moving money into Bitcoin in anticipation of a further positive rally.
Ethereum (ETH), XRP, EOS, Litecoin (LTC) and Bitcoin Cash (BCH) are all down about 4 percent, with Stellar (XLM) and Ethereum Classic (ETC) down 2 percent.
Of the top ten coins by market cap, the only one other than Bitcoin that is in the green is Cardano (ADA), up 0.5 percent. Outside the top ten, Digibyte and ZenCash are both doing very well and are up 10 percent.