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Bitcoin Attains Sudden Gain Worth $7,750, Overpowering Other Altcoins

World’s first cryptocurrency Bitcoin (BTC), introduced in the year 2008, unexpectedly multiplied to around 3.15 percent within a short span of 24 hours. Achieving the highest position above 45 percent in this year’s graph, this cryptocurrency was edging towards the highest price peak resulting in a rapid hike since last week.

Prior this year, BTC was in an average stage, trading below $20,000 slot. Whereas, this year it has quickly gained pace at about 15.8 percent to 24 percent resulting in its dominance in the cryptocurrency market.

                                                                                   Source: https://www.coindesk.com/price/

 

Meanwhile, the other leading cryptocurrencies remained unsuccessful in holding onto their gains in the altcoin trading. Ethereum (ETH), one of the top cryptocurrencies, released in 2015, deteriorated by around 2.50 percent within 24 hours. It was an absolute decline after an intra-weekly hike of $510 on July 18 when Ethereum was able to make $444 by July 20.

Almost all the top ten listings, Bitcoin being an exception, witnessed 1 to 5 percent losses the whole week.  The other Altcoins such as IOTA dropped by trading only $0.95 at press time and CARDANO crashed onto trading as low as $0.16 during the 24 hour press time. Other Altcoins, formerly placed in the top 20 ranking list, also faced an utter decline in their prices. Monero (XMR), said to be the strongest player amongst all, successively slipped down from $148 on July 18 to $127 on July 21.

Expressing their view on the same, some of the experts marked their prediction for the same. Former Vice President at JP Morgan Chase indicated “may be the key to avoiding the next global financial crisis.”

The FATF (Finance Ministers & Central Bank Governors) group, in the last weekend’s meeting, shared their positive view towards blockchain and cryptocurrency and postponed the regulatory recommendations to be made on the same, it might take place in October this year.