It has been a long time coming but Bitcoi is finally back in the big leagues when it comes to price action. The major cryptocurrency has been incredibly stable, and quite boring, for traders over the last six or so weeks, but it has finally kicked into life.
Bitcoin has managed to break above the mythical $10,000 mark, a figure that has alluded it for the longest time, but remains an important target. In fact, Bitcoin has managed to push beyond $10,000 and looks like there is every chance it could go higher.
Bitcoin coming back into the spotlight does a few interesting things for the cryptocurrency ecosystem as previously a lot of focus was on the altcoin season that could be brewing. Many smaller coins have profited from a boring BTC, but now things are changing.
That being said, there are still some major altcoins to look into. In fact, Ethereum, the second largest coin by market cap, has also been breaking records as it hit a yearly high off the back of Bitcoin’s rise.
However, ETH’s rise is not because of Bitcoin, rather for its own reasons. These include the explosion in DeFi and the role Ethereum is playing there, as well as the expansion of Ethereum to its new upgrade, version 2.0
The two top coins are doing well, but there are still others below that continue to ride their own wake. Another coin doing well in 2020 is Cardano, ADA, and this week there is more to look forward to according to its technical analysis. The ADA coin has positioned itself well as it also heads to a new upgrade, also hitting a 2020 high.
Back on BTC
Bitcoin has managed to smash through the $10,000 mark and even pushed towards the resistance at $10,500 as it nearly topped $10,400 at the start of this week. There is little doubt that Bitocin is the coin to watch this week as its own growth will more than likely spill out to other coins in the ecosystem.
“Overall bullish but just throwing it out there that a big volume move and close across 10500/11000 will result in the continuation everyone else wants,” Markets analyst filbfilb told subscribers.
Interestingly, the move by BTC came as Gold reached new all time highs and this was too noted by filbfilb.
“Briefly on traditional markets; Gold and Silver are continuing to rip higher as well as Bond Yield making new lows, while the USD continues to lose ground,” he continued, adding:
“Indices overall are looking a little precarious after last week’s sell off towards the end of the week. Will need to keep an eye on that but Bitcoin seems to be behaving more akin to Gold and Silver than equities at the moment.”
ETH on the rise
Ethereum has been rising steadily all year as its own major upgrade looms and positivity return to the project. ETH has now broken above the $253.556–$216.006 range and this breakout attracted buying by the bulls who had been waiting on the sidelines for the up move to resume.
Ethereum is now targeting $400 after hitting the $330 mark. The price has rallied by more than 5 percent today and over 37 percent in the past seven days to hit price levels even above $330.
DeFi is surely playing its part, as well as the upgrade that is looming. In fact, on-chain data shows that overall, the Ethereum network has seen increased activity that mirrors the same pattern recorded near the peak of the 2017/18 bull market, and the tip of the network’s busiest period since launching in 2015.
ADA showing signs
ADA is another coin that has been showing good signs, and reached yearly highs as one of the leading altcoins. This week it seems that there are chances for more growth as the technical analysis points to another boost.
On Sunday, ADA’s parent company IOHK initiated the Shelley hard fork process, which will take place over the next five days and go live on July 29. This seems to be at the heart of the excitement as there is a chance this week to ‘buy the news’