While bitcoin prices stay steady, Ethereum transactions are skyrocketing.
- Bitcoin (BTC) trading around $9,184 as of 20:30 UTC (4:30 p.m. EDT). Gaining 0.20% over the previous 24 hours.
- Bitcoinâs 24-hour range: $9,130-$9,244
- BTC above 10-day and 50-day moving average, a bullish signal for market technicians.
Holding on to $9,200 after a weekend in the $9,100 range is the best traders could hope for in a weaker-than-normal market for bitcoin. âAfter a brief consolidation in the region of $9,000, bitcoin began to adjust upward,â said Constantin Kogan, partner at cryptocurrency fund of funds BitBull Capital. âNow it is near the next important level at $9,200. If todayâs trading session closes above this mark, it is likely to see further growth.âÂ
Any growth would be welcomed by cryptocurrency traders â so far this month, bitcoinâs overall performance in July has been flat.
With bitcoinâs price in a wait-and-see mode, some investors are paying more attention to opportunities in alternative cryptocurrencies, or altcoins, instead. âAltcoins are back in our focus,â said Karl Samson of Toronto-based brokerage Global Digital Assets.Â
Digital assets on the CoinDesk 20 are mixed Monday. Notable winners as of 20:30 UTC (4:30 p.m. EDT):Â
Notable losers as of 20:30 UTC (4:30 p.m. EDT):
Despite the flurry of altcoin activity, bitcoin investors still believe the oldest cryptocurrency has immense value in an uncertain world. âIt is sad but these economic times are setting the stage for a massive wave of new money into bitcoin,â said Henrik Kugelberg, a Sweden-based over-the-counter trader. âThe past week, itâs been altcoins but they are only for the initiated. Newbies and wealth storers will go for bitcoin.â
However, Michael Gord, CEO of Global Digital Assets, believes altcoins arenât going anywhere. âAlt season is in session,â he said. âExpect it to only get crazier as the mainstream wakes up to the very substantial returns being generated again with digital assets.âÂ
Ethereum transaction frenzy
Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday trading around $236 and climbing 0.50% in 24 hours as of 20:30 UTC (4:30 p.m. EDT). âIf ETH manages to hang around $262 for more than a couple hours, it would be quite positive,â said Jack Tan, of Taiwan-based quantitative firm Kronos Research. âIâm looking at the $500 level for ether before year end.âÂ
The average transactions per second on Ethereum is hitting highs not seen in years. On July 13, the network processed over 13 transactions per second, the highest since January 15, 2018 according to data aggregator Blockchair.
Peter Chen of Hong Kong-based trading firmOneBit Quant says the current situation reminds him of Ethereumâs 2017-2018 fundraising craze via initial coin offerings, or ICOs.
âETH gas is also in the sky right now,â said Chen. âItâs probably because of the DeFi tokens hype. Maybe we are seeing a second wave of ICOs on the Ethereum blockchain?âÂ
- Oil is up 0.36%. Price per barrel of West Texas Intermediate crude: $40.72
- Gold is up 0.50% Monday, at $1,817 per ounce
- U.S. Treasury bonds all slipped Monday. Yields, which move in the opposite direction as price, were down most on the 10-year, in the red 3.5%.
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