Bitcoin Holds Its Ground despite General Decline in Crypto Market

Bitcoin (BTC) enjoyed great weekend trading and at some point hovered around $8,206 after having gone up to $8,285 a little earlier.  Last week saw Bitcoin’s greatest performance since the middle of the month as the crypto surged to $8,431. Bitcoin ended the week ahead of all the other top ten coins with record increases of up to 39% for the month of July.

When compared to the altcoins, Bitcoin is leading by an impressive margin of 47.5 percent. Ethereum (ETH) for example, lost some of its value over the weekend and at some point was trading at $466. Despite having gone up to $483 during last week’s trading, the altcoin was hovering around $460 for the much of the weekend.

Total market cap reportedly peaked at $304 billion at the beginning of the week before eventually falling back to $297 billion by the weekend.

However, the biggest winner over the weekend was the altcoin Tron (TRX) with a surged by 8.5 percentage points. The surge propelled the altcoin onto the coveted list of top ten coins by virtue of market cap. TRX is now ahead of Tether (USDT) whose market cap saw an erosion of some 200 million dollars from $2.7 billion to $2.5 billion, this according to market figures released by Coinmarketcap.

Bitcoin’s growth over the weekend was said to be around a percentage point. Analysts believe that the crypto could have seen more impressive growth figures at a time of positive market outlook if it were not for a surprise ruling from the US Securities and Exchange Commission (SEC). On Thursday, the SEC formerly turned down an application by the Winklevoss twins asking the commission to review its 2017 ruling that rejected their planned launch of a Bitcoin exchange-traded fund (ETF).

Following the much published SEC ruling that shook Bitcoin during early Friday trading, Hester M. Pierce, a Commissioner at the SEC released a formal dissent to her agency’s position saying that it went beyond its “limited role” when it rejected the ETF application.