Update 8/2/2020: Well, that didn't go so well for the bulls, did it? Damn bears! Starting to sound like a fantasy sports blog up in here.
What the damage is: Bitcoin is down to $11,145 USD as of 10:09 AM CTZ. Ethereum seems to be taking the cake in terms of the best recovery.
I expected a dump, but not one quite that harsh. However, there is an upside to this. The people who pulled money causing the market to drop as quickly as it did were all likely waiting to cash out for a long time due to a stale market.
We will likely see a flux of new money in altcoins after the drop fades through correlation, depending on Bitcoin activity; lower prices offer a better turn-around - if the Bitcoin bulls keep running, all bets are off, though.
As for the rest of the market, altcoins closely correlated as per usual - except Ethereum which is 3.80% in the positive this morning after the whole market dipped.
BAT hasn't moved for the negative, people really don't like bringing that token below $0.25c USD.
XTZ made a better recovery overnight than Bitcoin at a 1.52% gain.
Stellar is still in the double digits at $0.10 and is only down half a percent.
Zcash reacted very similar to Stellar with an even lower 0.45% loss.
This is rhetorical, but these numbers are all about to change. I think we are going to see more nights like tonight, and the bulls will keep on coming.
It's not in the best interest of miners or crypto as a whole to bring Bitcoin below $10,000 again - not right now.
8-1-2020: I couldn't help but shine a light on this before bed. The bulls are running buck wild!
Bitcoin just broke $12,100 USD! It took a hard dive to $11,940 and is working hard to restabilize at $11,900+
Almost the entire market is correlating and caught up with Bitcoin and Ethereums dual-bull run.
Ethereum is up an additional 17.61% at $414 USD.
Tezos recovered from its dip and is at $3.11.
Stellar is riding a new wave in the land of double digits at $0.11, and my personal favorite next to ETH lately - ZCash, which is currently up to $89 USD.
It's fair to say crypto is STRONG. BAT is looking at a slight $0.01c gain at $0.26c USD - but it doesn't concern me with the rest of the market this up, Brave will get the token caught up.
Almost the entire market - or at least, the 'relevant' tokens are up. This is wonderful activity to see. I am sure we will see some drops due to cashouts, but I feel as if the new numbers are holding their ground with fill orders coming in hot.
Perhaps people finally decided $10,000 per coin was weaksauce.
At this rate, I have no idea how to predict where the numbers will go. These are truly unprecedented times, so pretending to have anything but conjecture is foolish. Regardless, I'm amped!
How are you feeling about the gains? :)
I'm going to take a short dirt-nap and I'll be up to update the article. I'm so tired I forgot to put a memo ID in with a DEX exchange, LOL.
-Thomas Wolf
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