According to Binance research, bitcoin has rallied alongside other crypto assets considered safe havens. Bitcoin is slowly gaining acceptance as a hedge against political issues and monetary easing by banks.
Bitwise, in a letter to investors explained that all the attention brought by Libra coin has forwarded the public discourse on crypto by two to three years. But not all the attention has been positive, although the involvement by regulators gives investors more confidence in cryptocurrencies.
Walmart now wants to follow Libra’s footsteps in developing its own dollar backed digital currency. Now, these projects have hurdles to jump when it comes to regulation but the end result is an even bigger limelight on cryptocurrencies.
Tezos (XTZ) vs the USD
Tezos has so far been the best performer for the past week or so, jumping 40% its initial price. It all began when Coinbase announced that it will add Tezos onboard its trading platform. The process starts with inbound XTZ transfers Monday August 5. Huobi wallet also announced that it will support XTZ in future and will be a Tezos baker. Truffle, a blockchain development company also announced its support for Tezos blockchain protocol. The news has helped Tezos garner strong gains.
Link/USD Performance
Link, unlike major cryptocurrencies is very volatile, often finding itself among the top losers and top gainers in the past weeks. This week though, the currency is among the top gainers.
The announcement of a partnership with oracle was among the reasons for the major boost for the link project. Otherwise, the announcement of the integration with Callisto network and Zilliqa to power smart contracts also boosted its prices.
Bitcoin’s Uptrend
The past seven days have seen bitcoin gain double digits. Looking back at some of the reasons why this could be the case, it has been concluded by experts like Peter Tchir, former executive director at deutsche bank that flared up trade wars between the US and China and rate cuts by the Federal Reserve are the reasons behind its upward trend.
Tom lee, Fundstrat global co-founder says that dovish policies of the central bank will be bullish for Bitcoin. His sentiments have been echoed by a research firm, Delphi Digital. Anthony Pompliano says that on the news that central banks are buying record amounts of gold, central banks will use bitcoin to hedge their assets when they find out the asymmetric upside of bitcoin.
Analysts predict that up move might face some resistance with the pair testing the recent highs of $13,973. The level might experience some profit bookings. Once the level is crossed, the price might reach highs of above $17,208.
Bitcoin Cash vs the USD
The cryptocurrency celebrated its second birthday last week on august 1st. It ended up being fourth best performer for the week. BCH price is on an ascending channel. It will remain on the track to ascension as long as it’s inside the channel.
Monero/USD
To round up the list is Monero with over 8% gains. We wait to see if it can extend the gains this week.