CryptoWatch: Bitcoin is on track to do something it hasn’t done in more than a year

CryptoWatch: Bitcoin is on track to do something it hasn’t done in more than a year

Bitcoin’s revival looked set to take down another milestone Friday as the No. 1 digital currency traded in the green.

After making a fresh yearly low in late June, one that bitcoin pioneer Barry Silbert believes will be the low for 2018, bitcoin has staged a turnaround and is on track to do something it hasn’t done since June 2017—log seven consecutive winning days.

According to data from charting service TradingView, since July 14 bitcoin has notched six consecutive winning days and a seventh would be the first time since June 6 of last year when a single bitcoin was worth less than $3,000.

BTC/USD (green denotes winning day)

Despite the turnaround, one analyst says further upside may be limited. “I’m not getting too excited about the recent gains just yet, to me it still looks like a small corrective move with longer-term momentum very much against it,” said Craig Erlam, senior market analyst at Oanda.

Erlam added that $10,000 remains a crucial topside level, but he’s not convinced it will trade this high soon.

The price of a single bitcoin BTCUSD, +0.51%  last changed hands at $7,467.51, up 0.6% since 5 p.m. Thursday on the Kraken exchange.

Read: A 30% rally in bitcoin in less than a month has bulls eyeing $10,000 and beyond

Bitcoin is separating itself from the pack

Bitcoin’s share of the entire digital currency market has reached a three-month high of 45%, which is good news for proponents who have championed bitcoin as one of the few coins that will survive.

This trend is continuing Friday with major altcoins, coins other than bitcoin, in the red in early Friday trading. Ether ETHUSD, -0.86% is down 0.8% at $463.61, bitcoin Cash BCHUSD, -3.04% has lost 2.6%, trading at $796.00, Litecoin LTCUSD, -1.70% is lower by 1.9% at $84.44 and Ripple’s XRP coin XRPUSD, -3.44% is the worst performer of the smaller coins, down 3% at 46 cents.

Bitcoin futures have started the day on the front foot. The Cboe Global Markets Inc. for August XBTQ8, +0.13% is up 0.3 at $7,495 and the CME Inc. July contract BTCN8, +0.13% is up 0.3% to $7,470.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one

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