Bitcoin above USD 11,700 after the historical fall of the yuan
Bitcoin posted a rebound of close to 10% on the morning of Monday, increasing its price by more than USD 1,000 in the last 24 hours, amid the worst fall of the yuan in 11 years. Bitcoin appreciated 9.94% from USD 10,700 to USD 11,764 in the last 24 hours.
Bitcoin is going through a recovery period since the end of July and had once again overcome the USD 10,000 barrier on July 31, but recorded a rapid rebound against the record yuan fall at a price of 7 yuan per dollar, in the early hours of this Monday, a minimum that did not reach since March 18, 2008.
While the yuan has been affected by the commercial war between the US. UU. and China in recent months, a new tax increase on products imported from China, announced last week by President Trump, has led that currency to depreciate more against the dollar, which apparently has been a favorable point for Bitcoin among investors.
Despite the dominant green in the market, the main altcoins do not have the same boost from BTC, except litecoin (LTC) that has a slightly higher appreciation than that of BTC, when considering the top 10 cryptocurrencies by market capitalization, in CoinMarketCap figures. It is quite possible that this litecoin boom is due to the halving that occurred earlier this Monday.
The dominance of bitcoin continues to rise and is already close to 68%. At the beginning of the year, the dominance of bitcoin was 51%, that is, it has increased 17% while its closest followers have decreased their weight in the cryptocurrency market: ether (ETH) with 8.6%, XRP (4, 56%) and litecoin (2.02%).
While Ren (REN) and Nash Exchange (NEX) stand out as the cryptocurrencies of greater appreciation, respectively 31.66% and 13.88%. The ones that show the greatest losses in the last 24 hours are NEXT (NET) with -15.65% and U Network (UUU) with -6.61%.
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