The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
After a month of pressure, cryptocurrency markets appear to have broken a stranglehold invoked by the US Securities and Exchange Commission’s decision to reject (and later re-evaluate) several Bitcoin Exchange Traded Fund proposals.
While the middle of August saw a minor rally, Bitcoin has largely struggled to surpass the $6500 USD mark, while Ethereum has remained deflated below $300 USD.
As of today, Bitcoin has powered through the $7000 USD mark to reach $7,061.28 USD – while Ethereum has flirted with positive gains to touch $293.32 USD at press time.
Leading the charge are several prominent altcoins – Holo has climbed some 27.31% to reach $0.000836 USD, while Bytecoin, MaidSafeCoin, and EOS have climbed by 13.68%, 10.03%, and 9.93% to reach $0.002249 USD, $0.276411 USD, and $5.89 USD, respectively.
A notable return to form is Dash, which has now climbed by 9.44% to reach $194.16 USD.
Among the cryptocurrencies seeing losses, Substratum leads the pack with a -7.34 decline, while Aion and VeChain follow closely by posting losses at -5.53% and -4.67% respectively.
Bitcoin dominance itself presently hovers at around 52.8%, while the total market cap of all cryptocurrencies is presently valued at $230,548,537,071 USD.
As our technical analyst Graeme Tennant noted last week, cryptocurrency markets remained stagnant ahead of what appeared to be imminent volatility – noting a clear reversal signal above Bitcoin’s $5800 USD support zone.
Our sentiment analysis, courtesy of Remy Stephens, noted that while sentiment on Bitcoin itself remained neutral, the altcoin market had taken a bullish term with support rallying for Basic Attention Token, Wanchain, and Bulwark – among other projects.
The US SEC is expected to resume its course and offer a verdict on yet another Bitcoin ETF proposal by the 30th of September. More broadly, US regulators have announced the continuation of ‘Operation Cryptosweep’ – a joint endeavor that has probed some 200 ICOs and cryptocurrency firms.