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Sunday, 9 August 18:15 (GMT -05:00)



Foreign exchange market

Ethereum and Bitcoin Are Close To 5-Month and 1-Month Highs Respectively


After going out of the triangle in the first half of the trading week, Bitcoin started growing faster on Tuesday and Wednesday, thus gaining over 4% in 2 days and testing 9573 dollars per coin, the highest level in 4 weeks. Still, Thursday's session brought a modest correction down and a move back to 9500 dollars per coin and below. In the broad market of cryptocurrencies, Ethereum is the best performer. It has already gained over 7% over the last 24 hours and is currently testing 270 dollars per coin.
 
The TOP 20 digital currencies were in the green zone on Thursday morning. ETH took the lead. Chainlink followed with (+7,1%). Tezos and Bitcoin Cash gained over 4% over the same period. The cryptocurrency ecosystem is currently feeling optimistic, which also contributed to the fact that it's overall market cap increased by 2,3% all the way up to 287 billion dollars, which are the highest figures since February 2020.
 
Bitcoin gained some strength as well. However, at this point, it's too premature to talk about any activity revival in the BTC market.
 
Despite the fact that this week's 4% gains are a positive sign for Bitcoin, these are still moderate gains in a proader sense. The world's oldest cryptocurrency keeps on consolidating in a narrow price range  while there's no increase in terms of transactions and turnover. The $10000 threshold is still the key level of resistance for BTC.

 

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Bitcoin, Daily
Source: Tradingview.com
 
The situation with other cryptocurrencies is much more interesting, especially if compared with the ETH market cap.
ETH is still performing its best session since May 2020, testing 5-month highs.
 
Which is even more significant, ETH has already overcome the local level of resistance and the top consolidation limit set in March and retained in June and first half of July. Now this level has turned into a support level (around 250 dollars per coin), which may give way to the highs set in early 2020 around 290 dollars per coin.

20200701093034.jpg

Ethereum, Daily
Source: Tradingview.com

 

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