Bitcoin, Other Cryptocurrencies In Dog Days Holding Pattern

Investing, News | August 3, 2018 By:

The cryptocurrency markets had a sideways day, with bitcoin basically holding serve and other coins flirting with minor profits. The dog days of summer are here, and the markets are reacting accordingly.

At mid-morning, bitcoin was sitting at the $7,500 level, about where it was the last two days after a dramatic plunge earlier in the week from an $8,300 high. Volume was extremely low over the last 24 hours, as investors took a breather from frantic trading.

The outlier on the day was IOTA, which rose nearly five percent over the last 24 hours. The spike no doubt represented some bargain-hunting by investors, as IOTA hit a low level that hasn’t been seen since last year earlier this week. The price surge happened mostly over a two-hour period, raising some eyebrows on just who may have been so bullish on the coin.

Elsewhere, ethereum, XRP and EOS all had minor gains over the last day, but none had any obvious momentum that will sustain a rally