Ethereum Surges Beyond $2K, Bitcoin Consolidates Position

London hard fork protocol update in July to propose making ETH cheaper and scalable

Ethereum Surges Beyond $2K, Bitcoin Consolidates Position
Ethereum Surges Beyond $2K, Bitcoin Consolidates Position

Global crypto market cap today reached $1.4T, up 2.4 per cent, driven by strong growth in Ethereum (ETH), the second largest crypto. The total crypto trade volume over the last 24 hours has increased by 12 per cent.

ETH broke the $2,000 psychological barrier and is currently trading at $2,100 levels representing a growth of nearly 7 per cent in the 24 hours ending 9 am IST. ETH’s rally is significant given the upcoming London hard fork protocol update in July that propose to make it cheaper and scalable. Its fundamentals are bullish and a strong rally towards regaining its prior price levels are in play. However, ETH’s price is still below its 20D SMA (20 day simple moving average) of $2,340.

Bitcoin continues to consolidate and test the resistance level of $35K. A strong breakout rally to $38K and beyond is possible if it breaches the resistance.

Other top cryptocurrencies like Polkadot (DOT), Uniswap (UNI), Litecoin (LTC) and Chainlink (LINK) have grown over 5 per cent today. Meme coin DOGE held on to its support level of $0.25 and has gained 23 per cent over the last 7 days even as Elon Musk signalled approval for a reduced transaction fee of 0.01DOGE from 1DOGE.

RSI (Relative Strength Index) which is an indicator that evaluates overbought or oversold conditions in the price of an asset is slightly above 50 for BTC. This means that the price of BTC could go both ways. Hash rates for BTC continue to be in free fall triggered by China’s mining crackdown. Over $700M BTC margin shorts were liquidated on global exchange Bitfinex when BTC bounced of $30.5K levels over the weekend indicating a weakness in holding bear positions below $35K.

Top Gainers today:

  • Kusuma (KSM): 31.2%
  • Compound (COMP): 26.0%
  • Bitcoin SV (BSV): 19.4%

Top Losers today:

  • Quant(QNT): -7.8%
  • Celo (CELO): -3.8%
  • Amp (AMP): -2.3%

Source: CoinMarketCap

Note: Analysis of top 100 coins only

Other Crypto News at a Glance

  • Cathie Wood’s Ark Invest has filed with the Securities and Exchange Commission (SEC) in the US to create a Bitcoin exchange-traded fund (ETF). Wood, a Bitcoin evangalist, has been buying up BTC asset proxies such as Coinbase and Grayscale Bitcoin Trust till now.
  • SEC filings indicate that Morgan Stanley equity fund owns 28K shares of Grayshare Bitcoin Trust worth $840M in current prices. Grayscale is the world’s largest crypto asset manager with nearly $22B of assets under Grayscale Bitcoin Trust.
  • Iranian government has granted permission for 30 crypto mining farms to operate after issuing licenses signalling a shift in policy. In May, the country had orderedall crypto mining operations to cease by September this year.

DISCLAIMER: Views expressed are the writer's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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