Bitcoin rate rises above $11,800

On Friday, August 7, the price of Bitcoin rises. At 09:25 Moscow time, the first cryptocurrency is trading at $11,819.28 (+1.41%), according todata from CoinMarketCap.

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BTC/USD chart of Bitstamp exchange from TradingView

Ether fell to $ 395.86 (-0.08%). XRP rose 1.24% to hit $ 0.304.

The FxPro analyst team notes:

“Bitcoin adds about a percent per day,clinging to $ 11,800. During the day, buyers tried to push the coin towards $ 12,000, but faced resistance. Cautious optimism reigns in the market, fueled by the positive dynamics of altcoins. Bitcoin Cash (BCH), together with anonymous DASH, add more than 10% per day. The Greed and Fear Index is still in the “extreme greed” area, and, as can be seen, until this triggers a market correction. Demand is driven by the desire of investors for high-yield assets, which is reflected in the growth of open interest in futures on the largest exchanges at a new all-time high of $ 5.6 billion (as of August 1). Nevertheless, analysts at Glassnode concluded that retail investors are also having a positive impact on the market. Over the past five years, the percentage of owners of wallets with less than 10 BTC has increased from 5.1% to 13.8%, while the number of wallets from 100-100,000 BTC has decreased from 62.9% to 49.8%. JPMorgan concluded that the younger generation preferred bitcoin, while the older generation preferred gold. It is worth noting that the growth of retail bitcoin holders, especially if they use the coin to pay for any goods or services, is the best thing that can happen to bitcoin in the context of its prospects. "

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