The market leader can confirm the previous day’s upward trend and is approaching the magical USD 10000 mark with big steps. At the same time, Ethereum attracts attention with an enormous price explosion. The current pump could just be the starting point of a new price rally. We take a look at the most important events in the crypto space.
Bitcoin course in detail
At the time of writing this article, the No.1 crypto currency is at a rate of 9572 USD, which is a daily increase of 2.22%. From a bullish perspective, the coming resistance is now at 9600 USD and 9800 USD. These two trend lines are considered the biggest obstacles on the way to the five-digit USD range. On the downside, the new support line is at $9400. It seems that the “digital gold” could gradually break away from the traditional markets. The rising trading volume and the possible breach of the USD 10000 mark could further strengthen this.
Bitcoin rising, dominance index falling
The alternative assets will also make up ground on the first mover on Thursday. Accordingly, the BTC Dominance Index now stands at 61.4 %. Not few indicators point to an upcoming Altcoin Season. Again and again in the past few days we have seen independent price breakouts. The launch of ETH 2.0 and further developments in the DeFi market could ensure that the Altcoins will be able to capture even more market share in the coming weeks. According to current reports, the testnet launch of ETH 2.0 could take place as early as August 4. On Thursday, the “Smart Contract” currency is attracting attention with a respectable upward trend.
Ethereum is booming
With a pump of 11.98 % ETH sets an exclamation mark. The current price is USD 274.10, while the market cap exceeds the 30 billion mark. No other coin from the top 30 can put in a similar performance on the crypto floor on Thursday. ETH is thus raising hopes that the 300 USD mark will be crossed quickly. On the downside, the new support lines are now at USD 265 and USD 250.
The cryptos are turning up before the weekend and the trading volume is rising. Good conditions for a jump over the magic 10000 USD border. As a result, the mainstream would increasingly report on the digital currencies. This in turn could drive new investors into the block-chain market. If this chain reaction is spun further, a higher total market capitalization could isolate the BTC from the traditional stock indices. Due to the low inflation rate, the leading crypto-currency would recommend itself as a crisis-proof store of value. Of course, this is dreams of the future, but by no means impossible.