Home Markets Crypto Market Review, August 8

Crypto Market Review, August 8

0
Crypto Market Review, August 8

item picture

Arman Shirinyan

Cryptocurrencies are on the rise after investor fears fade from the industry

The cryptocurrency market is finally showing signs of a potential reversal as Bitcoin has crossed the $24,000 threshold and Ethereum is flirting with the $1,800 price range which could be a pivot point for the entire market.

Bitcoin has a long way to go

Unfortunately, the breakout of the $24,000 resistance level does not mean that Bitcoin will enter a strong rally and reach extremely high price levels, like $30,000. For now, BTC is still moving within the consolidation range which will most likely hold until we see a sudden increase in the flow of assets into the market.

BTC chart
Source: TradingView

Fortunately, Bitcoin bounced off the lower bound of the consolidation range at around $22,550 and rose higher. For now, we expect a test of the increased consolidation range around the $25,690 level. Sentiment around the cryptocurrency remains positive as the negativity in the industry caused by Solana and cross-chain bridge solutions has subsided.

For now, the first cryptocurrency could benefit from a boost from institutional investors that would bring the trading volume in the cryptocurrency market back to March levels. The spike in trading volume would be a direct confirmation of the emerging reversal rally.

Ads

Ethereum breaks an important price level

After two failed attempts, Ethereum finally broke through the important price level of $1,800, which is the main hurdle for the second-largest cryptocurrency on its way to $2,000.

Unfortunately, with all the issues the market has been facing over the past week, Ethereum had to slow its advance and return to the $1,600 price level. Investors’ main fears were limited to the problems some derivative platforms had before the Merge Update and the hashrate migration to alternative networks.

Many centralized exchanges and derivatives trading platforms have introduced their own solutions for Ethereum PoW tokens which will become a necessity after hard forks appear in the space.

Altcoins enter massive rallies

At least five altcoins showed strong signs of upcoming rallies in the market as their price performance topped double-digit gains. The most notable assets are Chainlink and Flow, both of which have an impressive price of 11% and 13% performance respectively in the last 24 hours.

CMC data
Source: CoinMarketCap

The main fuel for the Flow rally is news from Meta about the implementation of NFTs on Flow on the platform, so users will showcase their artwork alongside NFTs from platforms like Ethereum and Polygon.

LEAVE A REPLY

Please enter your comment!
Please enter your name here