Bitcoin price fails to breach $3000 level; Ethereum price still stagnant

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Bitcoin Price Surge, Bitcoin Cash

In what shows immense confidence in the Bitcoin, price of the cryptocurrency surged a whopping $800 in a matter of just three days to reach $2900 levels thanks to BIP91 lock-in.

However, Bitcoin price didn’t manage to leapfrog the $3000 levels owing to substantial resistance at $2900 levels that the cryptocurrency has seen time and again. The Bitcoin price surged to $2,915 from $2,100 in just three days. As of this writing, Bitcoin price is hovering at $2800 levels. Market cap has surged, but trading volumes appear to be slightly down to just above $1 billion from $1.5-$2 billion.

The price surge for Bitcoin began shortly before it became clear segwit was to lock-in as it reached its 80{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} threshold with the remaining miners joining soon after. Miners have begun voting for segwit to activate it in Bitcoin Core, seemingly reaching just above 95{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}, its necessary threshold.

Another significant development is the commencement of trading of Bitcoin Cash on ViaBTC. The new cryptocurrency reached a high of nearly $900, before settling down substantially.

The combined value of both coins (BTC and BCC) is around $3,400, an all-time high for bitcoin and any digital currency, but to trade Bitcoin Cash currently you have to freeze your BTC until after August 1st, so the price relation between the two may not yet be fully indicative.

Ethereum Stagnant

Breaking the traditional co-relation of in-sync surge and decline in prices with Bitcoin, Ethereum has been showing signs of stagnancy over the last week with near straight line chart. The reason may be because the currency is going through consolidation after some fast moves during June and July. As well as, potentially, there may be uncertainty regarding how the bitcoin split on August 1st may affect Ethereum.

Chances are that the recent trading frenzy and volatility could have led many to Ethereum and they are just taking it easy rather than mirror the surge and decline of Bitcoin.

After the stupendous spring bull run and the red July bear market, a consolidation may seem appropriate before the currency decides on its direction.

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