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Bitcoin breaks upwards as Monero stays bullish

Nawaz Sulemanji


Bitcoin is again on the accent, gaining 2% in the last 24 hours and up over 12% in the last 7 days. Bitcoin is currently trading at $10,750.

After Bitcoin's double-digit rise this week, and dominance over the altcoin market hitting 70%—the short term focus for traders will be to see if the decentralized asset can burst through the next big mark of $11,000. On August 20, Bitcoin hit this level but then fell back down.

Looking at the weekly performance of the top 10 cryptocurrencies, the top 9 are in the green this week—with only Stellar posing losses, down 3.5%.

Whales move over $1 billion worth of Bitcoin to a single wallet

Apart from Bitcoin, the only other major token to have seen a double-digit gain over the last 7 days is Monero. The privacy-focused asset has risen by an impressive 15%.

Additionally, Monero's price has broken above its average price over the last 50 days, seen as a good sign by traders. The last time this happened—earlier this year—its price doubled within the next 50 days.

Binance Coin also saw its price appreciate by more than 8% in a 6 hour period. The rally started yesterday after news broke about the exchange's plan to launch a fully-regulated, dollar-pegged stablecoin—dubbed BUSD. But, most of those gains were soon lost for Binance Coin—as it fell from a high of $23.50 to a low $22 to post a modest gain of 3% for the day.