Cryptocurrency Market Trades Sideways as Bitcoin Hovers Shy of $12,000

Thursday, July 4- The number one cryptocurrency Bitcoin is seeing mild gains on the day as ether and ripple trade sideways.

Bitcoin was trading at over $13,000 on June 26 and under $10,000 on July 2.

Bitcoin is currently trading at just over $11,850, and some analysts think BTC could rally significantly today as it is Independence Day in the United States.

"At times when the market is already doing well or improving, holidays have the potential to drive renewed retail interest in buying bitcoin and other cryptocurrencies. That behavior, almost by definition, is FOMO: buying into an asset because one sees it trending upward and wants to benefit from it."

Top altcoin ETH is currently trading sideways at around $300. Major cryptocurrency exchange Binance recently announced that it was moving off the Omni standard and onto ERC-20 for its Tether addresses.

Ripple is mostly trading sideways, with some minor losses at press time of approximately 1%. However, XRP has trended down significantly since its monthly highs on June 22 and June 26, seeing approximately a 15% correction from those peaks.

XRP is trading just shy of $.40 at press time.

Ripple's incubatory subsidiary Xpring recently announced that it has dedicated $500 million to XRP projects with since the coin's inception.

As far as other top cryptocurrencies are concerned, Chainlink is continuing to see colossal gains this week.

Meanwhile in traditional markets, gold and oil are trending down slightly as the stock market sees some minor gains, according to data from MarketWatch.