July Opens With Dull BTC Price Action Despite Stocks ATH: The Crypto Weekly Market Update

It’s safe to say that July has been relatively dull for Bitcoin when it comes to price action. The major cryptocurrency spent the last week trading in a range between $9,100 and $9,400 without any major fluctuations.

It’s also worth noting that legacy markets and Bitcoin’s price remain aggressively correlated. In fact, a lot of analysts on Twitter are now saying that currently, the futures on stock markets are a valuable indicator of where Bitcoin will head next.

The most recent example came yesterday when BTC price dropped to $9,050 just as global stock markets tumbled at their opening hours. Yet, one of the major indices, the Nasdaq Composite, continues to chart new highs daily, despite the ongoing crisis with the COVID-19 outbreak.

And while Bitcoin failed to provide any thrilling actions this week, the same can’t be said for alternative cryptocurrencies. A lot of them exploded in price as the march was led by the well-known and popular meme coin – Dogecoin. Largely induced by TikTok influencers prompting their followers to buy it, DOGE surged by more than 100% in less than a couple of days.

Another altcoin that marked notable gains and even painted fresh all-time high values was Chainlink (LINK). This happened right after China’s Blockchain Service Network launched, having integrated Chainlink’s price oracles into its ecosystem. Today, the spotlight was stolen by Elrond (ERD), as the altcoin popped by about 50% in the last 24 hours.

It goes without saying that DeFi was again at the forefront as related cryptocurrencies were soaring all along.

In any case, Bitcoin’s total market share measured through the dominance index declined by almost 2%. This means that altcoins are breaking new grounds, and there might be an altcoin season in the making.

Market Data

Market Cap: $270B | 24H Vol: $60B | BTC Dominance: 62.8%

BTC: $9,228.64 (-0.25%) | ETH: $239,70(-0.56%) | XRP: $0.198 (-1.07%)

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