Bitcoin Hits 3-Month High As Crypto Market Approaches $ 2 Trillion

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Bitcoin hit a three-month high this week, following a surge in prices that built on substantial gains in previous weeks.

The cryptocurrency reached $ 46,735 on Wednesday before dropping back below $ 45,000 on Thursday, still up more than 50% from a drop below $ 30,000 in late July, according to statistics from CoinMarketCap.

At the time of publication, the world’s flagship digital asset is trading at $ 46,119, up 1.74% in the last 24 hours and up 13% in the previous week.

Seven-day Bitcoin price chart. Source: CoinMarketCap.com

In particular, short-term Bitcoin investors have taken advantage of rebounds during declines to realize intermediate profits.

However, for long-term holders based on crypto technical analyst Willy Woo:

“The distribution of Bitcoin keeps improving. Whales now only hold 25% of the supply. I have updated this chart to include holdings of public companies. Although they are whales, their coins are owned by a large number of public shareholders. The parts of Satoshi omitted (supposedly lost). ”

The distribution of #Bitcoin keeps getting better. Whales now only hold 25% of the supply.

I have updated this chart to include holdings of public companies. Although they are whales, their coins are owned by a large number of public shareholders.

The parts of Satoshi omitted (supposedly lost). pic.twitter.com/fEHFFQ5rOS

– Willy Woo (@woonomic) August 12, 2021

Additionally, trading expert Ryan Clark expects some resistance to be encountered for Bitcoin ahead of the $ 50,000 mark indicating the sale of some BTC here. Close enough for really heavy resistance. Contextual good R: R / close invalidation. ‘

I sell BTC here.

Close enough for really heavy resistance. Good R: Contextual R / close invalidation.

A certain euphoria on the chronology. pic.twitter.com/uyl6yqNrfY

– Ryan Cantering Clark (@CanteringClark) August 11, 2021 Ethereum Network Upgrade

The world’s second most valuable cryptocurrency, Ethereum (ETH), was bolstered by a major update to its underlying network, which restricts the supply of tokens and fueled speculation that Ethereum may ultimately ” return »Bitcoin.

Successful blockchain improvements positively influence token values ​​in general. The London Hard Fork, a recent update to the Ethereum network, has enabled a significant increase in the native blockchain token, ETH. Ethereum is now a deflationary network ecosystem, as the update reduces the number of ETH in circulation, resulting in increased demand for the asset as it is burnt.

Currently, Ethereum is changing hands at $ 3,232, up 2.86% and 16.70% last week.

With the recent price hike, Ether has risen nearly 300% since the start of 2021, compared to a 40% increase for Bitcoin. This has helped push Ethereum’s market capitalization from a fifth of Bitcoin’s to around half of its value.

Global crypto market

The global crypto market cap is $ 1.94 billion, up 2.39% from the previous day, while the total crypto market volume in the past 24 hours is 107.16 billion dollars, down 17.87%.

Seven-day price chart of the global crypto market. Source: CoinMarketCap.com

Notable coins, including Cardano (ADA) in particular, are now at $ 2.03, up 12.50% and with an incredible 46.64% increase in one week. Cardano’s price has nearly doubled from $ 1.02 to $ 2.03 since its market low on July 20.

Cardano’s recent high performance is tied to a major network upgrade expected to take place next month. The update, dubbed Alonzo Purple, will integrate smart contracts into the Cardano network and can be executed when the hard fork ignites.

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