Market Wrap: Bitcoin Clings to $9,200 While Ethereum Transactions Soar

Published on by Coindesk | Published on

While bitcoin prices stay steady, Ethereum transactions are skyrocketing.

Bitcoin trading around $9,184 as of 20:30 UTC. Gaining 0.20% over the previous 24 hours.

Holding on to $9,200 after a weekend in the $9,100 range is the best traders could hope for in a weaker-than-normal market for bitcoin.

"After a brief consolidation in the region of $9,000, bitcoin began to adjust upward," said Constantin Kogan, partner at cryptocurrency fund of funds BitBull Capital.

Any growth would be welcomed by cryptocurrency traders - so far this month, bitcoin's overall performance in July has been flat.

With bitcoin's price in a wait-and-see mode, some investors are paying more attention to opportunities in alternative cryptocurrencies, or altcoins, instead. "Altcoins are back in our focus," said Karl Samsen of Toronto-based brokerage Global Digital Assets.

Notable winners as of 20:30 UTC:.Notable losers as of 20:30 UTC:.Despite the flurry of altcoin activity, bitcoin investors still believe the oldest cryptocurrency has immense value in an uncertain world.

"The past week, it's been altcoins but they are only for the initiated. Newbies and wealth storers will go for bitcoin."

Ether, the second-largest cryptocurrency by market capitalization, was up Monday trading around $236 and climbing 0.50% in 24 hours as of 20:30 UTC. "If ETH manages to hang around $262 for more than a couple hours, it would be quite positive," said Jack Tan, of Taiwan-based quantitative firm Kronos Research.

The average transactions per second on Ethereum is hitting highs not seen in years.