Bitcoin Price Blasts Past $11,700, Dominance Nears 70% on China Turmoil

Bitcoin price began highly bullish Monday after an abrupt turnaround of its previous bear market saw it gain $1,200 this over the weekend.

Data from Coin360 showed the extent of Bitcoin's change of fortunes, which have so far culminated in a local high of $11,635.

The upward trajectory strongly contrasts with action seen last week, BTC price only finding resistance at $9,000 after a weekend of sharp price drops.

Unsurprisingly, traders were buoyant, shaking off bearish sentiment to predict fresh highs and continued bullish signs from Bitcoin.

"The next overhead resistance on the weekly chart is $11,469," daily trader Josh Rager commented on Monday about the pairs short-term prospects, adding: "Very bullish if price breaks and closes above this level over the next week."

That specific political turmoil, many argued, appeared to be the catalyst spurring on both Bitcoin and gold.

As Cointelegraph reported, political events have impacted Bitcoin markets noticeably this year, with issues such as regulatory scrutiny in the U.S. weighing on sentiment in July.Altcoins fall behind.

Altcoins meanwhile were slowly starting to feel the benefits of Bitcoin's price rise, albeit broadly failing to capitalize on market sentiment.

Other alt assets shifted upwards even less - closer to 3% - while sideways action characterized tokens including Bitcoin Cash and Ripple.

The total cryptocurrency market cap regained the $300 billion mark thanks to Bitcoin, which now makes up 67.7% of the total at $207 billion.