The cryptocurrency market has been rising for a few days now. A few weeks ago, the price of Ethereum was below 900 dollars; now, it has nearly doubled. Even if Bitcoin’s growth is not as stunning, the mother of cryptocurrencies is still setting new standards.
Bitcoin: On track to reach $25,000!
Bitcoin is strong when the market is strong. Despite losing market share, Bitcoin continues to account for more than 40% of all cryptocurrencies today. The graph below, which can be seen on the Tradingview site, attests to Bitcoin’s soundness.
We can see from this 1-hour chart that Bitcoin had a brief flirtation with $24,500 yesterday afternoon. A level that is still quite near to the one the monthly close reached at the end of July.
However, the pivotal point must be searched somewhat higher, near the $25,000 mark. Breaking through this psychological barrier level could keep the positive sentiment going, at least in the short term. This $25,000 level should converge with the asset’s 100-day moving average price in the upcoming days. The message to purchasers would be good if we were to return over this mark.
Keep in mind that since June 13, Bitcoin has not risen beyond $25,000. The mother of all cryptocurrencies was currently falling from $28,000 to $20,000. In a market that is currently down 1.52%, Bitcoin is currently trading at $23,618, down 2.32% over the last 24 hours.
Ethereum approaches $1,800 in price!
Euphoria is also what it is for Ethereum. The prince of cryptocurrencies has climbed by 46% over the past 30 days. Only the Polygon (MATIC) project performed better than Ethereum during that time.
The graph below also shows Ethereum’s positive momentum:
The price of Ethereum is $1,741.25 at the time of writing. Yesterday, the asset approached the 1,800 dollar threshold for the first time, having not done so since the beginning of June. a price range that the markets have shunned. Even if many people already have dreams of returning to levels above $2,000 before the month is out, there is still a long way to go. And The Merge might very well play the lead role in this tale!
The Merge: The Market’s Motivator?
The game’s regulations appear to have changed a little recently for many onlookers. Bitcoin appears to have given Ethereum its conductor costume because it is used to running the show and providing both sunshine and rain to the cryptocurrency market. The Merge, this year’s cryptocurrency event, is about to take place on the second blockchain, and for good reason. a union that should make the energy-intensive Ethereum protocol significantly less so. during the transition from Proof of Work to Proof of Stake.The Merge could also be a classic example of “Buy the rumor, sell the news,” as was the case with Polkadot’s parachains. Because the possibility of a significant selling after the switch from Proof of Work to Proof of Stake cannot be ruled out, the price has been rising gradually for weeks.
However, this week, other factors are also anticipated in particular. comparable to American inflation rates. The markets are not anticipating miracles with June’s rate of 9.1% over a rolling 12-month period. However, they are optimistic that the July numbers will start to buck the trend. Prices on the markets could also be punctuated by other macroeconomic data, such as the rate of inflation in China or the GDP figures for Great Britain!
The cryptocurrency market is still not safe!
Despite the string of positive sessions, prudence is still advised. Whether in the stock market or a cryptocurrency market. Risk markets have been a little bit cooled off by a recent message from the Gargavin Twitter account. by revealing that BlackRock CEO Larry Fink just sold a significant amount of the company’s stock.Fink apparently sold over 44,000 shares of BlackRock, despite the financial management having just joined with Coinbase. His most recent significant sale? Several days prior to the COVID-19 wave in March 2020. People are already speculating on Twitter and other online forums if Fink is privy to information that the majority of people are not.
