ISLAMABAD: Bitcoin today rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000. Meanwhile, Ethereum also surged above $3100 as it continued to gain support like Bitcoin in the past few days.
The prices of cryptocurrencies continue to be on an upward trend on August 8. The global crypto market cap over the last day was $1.83 trillion with a 0.25 per cent decline for the same period. At the time of filing this article, the price of Bitcoin stood above $45,800 with an upwards trend of 1.2 per cent over the last 24 hours and 13.70 per cent over the last seven days.
Now to give a broader perspective, Ethereum has also been at an all-time high price since mid-May. The price of Ether at the time of this article was $3,060.76 with a downward trend of 1.52 per cent over the last 24 hours and an uptick of 18.06 per cent over the last seven days. The market cap for both the top cryptos stood at $847.62 billion and $359.37 billion for Bitcoin and Ethereum respectively.
The increase in Ethereum’s follows an extreme upgrade to the Ether coin and despite the uncertainty of the US infrastructure plan.
On Sunday, Bitcoin gained 3.1 per cent and reached $45,328. This is the highest that the world’s biggest crypto coin had seen since May 18. For the same period, Ether has seen an increase of 3.5 per cent which had left it at $3,191. The price increase came amid the London upgrade for the Ether network.
Edul Patel, CEO and Co-founder of Mudrex said, “It was a delightful weekend for most cryptocurrency investors as all the major cryptos maintained a steady rise over the past couple of days. The largest crypto by market capitalization, Bitcoin, went past the coveted $43,000 mark. Ethereum, too, shot up tremendously, riding on the anticipation of the London Hard Fork upgrade. Both these cryptos reached the highs that were established in early June. However, the latter part of the weekend saw some profit booking.”
Patel went onto add, “Crypto enthusiasts would be on their toes as the markets are a tad bit shaky coming out of the weekend. However, if the buying pressure builds after the volumes increase on Wednesday, we might witness another short rally as Ether might head well over the $3000 mark.”
The total cryptocurrency market volume over the last 24 hours has hit $102.88 billion which makes it a decrease of 14.90 per cent. The total volume in DeFi currently stands at $10.11 billion, which makes up 9.82 per cent of the total crypto market in terms of its 24-hour volume. The total value of all the stable coins at the moment of writing this article was $82.02 billion. This translates to 79.73 per cent of the total crypto market’s 24-hour volume.
