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- As the weekend approaches, all systems go to break through the final hurdle barrier for both Bitcoin and Ether
- He went on to say that in that case, cryptocurrencies, which have made significant gains this week, may lose a lot of ground to BTC. An examination of significant exchange purchase and sell levels
- Bitcoin’s shift, according to investors, corresponded with the expiration of hundreds of millions of dollars in options on Friday
As the weekend approaches, all systems go to break through the final hurdle” barrier for both Bitcoin and Ether. Later on Friday, Bitcoin (BTC) surpassed $50,000 for the first time, putting bulls back in the game. BTC/USD gained gains after dropping below $48,300 lows overnight, according to data. After a significant retest, Bitcoin’s price movement turned upward, offering hope that $50,000 could now be able to hold as support. If that happens, and the $51,000 barrier is broken, the odds favour a bullish impulsive move, according to news. In his last YouTube update, he said, the minute Bitcoin breaks out of this $51,000 barrier, the chances are that we just get one vertical candle towards $58,000, or perhaps $60,000.
He went on to say that in that case, cryptocurrencies, which have made significant gains this week, may lose a lot of ground to BTC. An examination of significant exchange purchase and sell levels. Meanwhile, Binance has identified the last significant resistance level in the area, which is $51,000, with support at $47,000. Ether (ETH) stood out among cryptocurrencies with an attack on $4,000, a level it hadn’t seen since May.
The most popular cryptocurrency rose another 5% on Friday, bringing it within $400 of all-time highs. Meanwhile, Solana (SOL) was the market capitalization leader among the top ten cryptocurrencies, rising 20% on the day to $140. SOL surpassed Dogecoin (DOGE) to become the seventh-largest cryptocurrency.
Bitcoin’s shift, according to investors, corresponded with the expiration of hundreds of millions of dollars in options on Friday. They also mentioned Fed Chair Jerome Powell’s dovish Jackson Hole, Wyoming, address, implying that bitcoin is experiencing a catch-up trade since most other assets responded at the same time as bitcoin. According to Coin Metrics, bitcoin reached a high of $51,026.24 on Friday, its highest amount since May 14th.
It burst above $50,000 two weeks ago and has since traded slightly below that level, but experts believe there is still opportunity for growth. Ether hit a new high of $4,025.75, its highest since May 15. The rise in price coincided with a spike in interest in Decentralized Finance (DeFi) applications and non fungible tokens (NFTs).
Normally, the price of bitcoin has led the price of other crypto assets whose transactions tend to move in lockstep with bitcoin’s, but this week, investors claim that wasn’t the case.
Many institutions that were interested in bitcoin have shifted their attention to eth as the next big thing, and the second largest market cap asset, said Jesse Proudman, co-founder and CEO of robo-advisor Makara. Moreover, most institutional players are aware that many of these NFTs are based on Ethereum, and that this is an indirect method to gain exposure to the market’s fastest-growing segment.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
