Home Crypto News ETH Spiked to 2-Month Excessive, BTC Rejected at $24K (Market Watch)

ETH Spiked to 2-Month Excessive, BTC Rejected at $24K (Market Watch)

by Cryptoroz

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Following a number of days of minimal volatility, bitcoin spiked above $24,000 yesterday however was rejected there.

The altcoins additionally noticed some spectacular good points, with ETH hovering to a brand new month-to-month excessive. Nonetheless, most sit calmer now.

BTC Stopped at $24K

After ending July within the inexperienced, the primary constructive month since February, bitcoin began to retrace barely and dropped from $24,000 to below $22,500 in a matter of days.

The aforementioned low got here on August 4, however the asset bounced off quite shortly and returned to $23,000. It calmed there and spent the subsequent few days round that degree with none important strikes in both path.

After the comparatively boring weekend, BTC lastly went on the offensive and jumped to a day by day excessive of $24,250 (on Bitstamp).

It was stopped there, and the bears have pushed it down to simply below $24,000 as of now. Nonetheless, its market cap nonetheless stands north of $450 billion.

BTCUSD. Supply: TradingView

Bitcoin Information

Matt Corallo – an early BTC developer and Blockstream co-founder – believes bitcoin maximalists ought to change their tune because the business has modified.

Glassnode’s newest report knowledgeable that BTC and ETH derivatives have lastly begun to regain traction after the current value dumps.

ETH’s New Native Peak

The altcoins additionally skilled value will increase yesterday, led by the biggest one. Ethereum stood round $1,650 prior to now few days however initiated a leg up that drove it above $1,800.

This turned the asset’s highest price ticket in precisely two months. It has retraced barely since then and now sits under $1,800.

Binance Coin, which additionally tapped a two-month peak yesterday, now sits at $323 after a minor day by day decline. Ripple, Cardano, Solana, Polkadot, Avalanche, and MATIC are additionally barely within the crimson.

In distinction, the two-largest memecoins – Dogecoin and Shiba Inu – have registered insignificant good points.

The general crypto market cap has remained nonetheless and is above $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Supply: Quantify Crypto

Trade Information

The US Division of the Treasury sanctioned yet one more cryptocurrency mixer – this time, it was Twister Money.

The previous head of enterprise growth at BitMEX – Greg Dwyer – pleaded responsible to financial institution secrecy act violations.

Mark Cuban believes the upcoming Ethereum transition to PoS (often known as the Merge) might be a sell-the-news occasion.

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Disclaimer: Data discovered on CryptoPotato is these of writers quoted. It doesn’t characterize the opinions of CryptoPotato on whether or not to purchase, promote, or maintain any investments. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use supplied info at your individual danger. See Disclaimer for extra info.

Cryptocurrency charts by TradingView.

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