Bitcoin’s Price Reaches $2,900, Ethereum Sideways – Trustnodes

Bitcoin’s Price Reaches $2,900, Ethereum Sideways

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Bitcoin has risen by some $800 in the past three days. Up to a brief high of $2,915 in what appears to be a double top, from around $2,100 on the 19th of July.

The currency then retraced slightly to $2,850, giving it a current market cap of above $46 billion, but trading volumes appear to be slightly down today to just above $1 billion from $1.5-$2 billion.

Bitcoin’s recent price action.

The bull run began shortly before it became clear segwit was to lock-in as it reached its 80% threshold with the remaining miners joining soon after.

They have now begun voting for segwit proper to activate it in Bitcoin Core, seemingly reaching just above 95%, its necessary threshold.

But the currency has been unable to breach its all time-high of $3,000 so far, seemingly finding much resistance at around $2,900.

Although, it may depend on how you see it because Bitcoin Cash has now started trading on ViaBTC, reaching a high of nearly $900, before settling at around $500 at the time of writing. Giving it a market cap of more than $8 billion.

The combined value of both coins 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.

Meanwhile, ethereum has been moving in a near straight line for the past few days. Not following bitcoin up, nor going down, choosing sideways instead.

Ethereum’s current price

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.

It may be the case trading frenzy and volatility leads some to find safer heaven in eth, but if bitcoin’s price falls, eth’s might fall too, although the two have recently decoupled.

So the uncertainty might explain the sideways price action, while another reason may be that ethereum has its own very large ecosystem and number of users, comparable to bitcoin if not bigger. Therefore the consolidation may be due to their own factors.

Specifically, 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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