{"id":25708,"date":"2022-08-12T09:22:53","date_gmt":"2022-08-12T09:22:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=25708"},"modified":"2022-08-12T09:22:53","modified_gmt":"2022-08-12T09:22:53","slug":"bitcoin-ethereum-dogecoin-rally-mutes-prominent-trader-sees-big-upside-in-coming-month-with-eth-reaching-for-2500","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=25708","title":{"rendered":"Bitcoin, Ethereum, Dogecoin Rally Mutes \u2014 Prominent Trader Sees Big Upside In Coming Month With ETH Reaching For $2,500"},"content":{"rendered":"


\n<\/p>\n

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The rally in major coins simmered down Thursday evening as the global cryptocurrency market cap rose marginally by 0.3% to $1.1 trillion at press time.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

0.1%<\/td>\n

<\/p>\n

5.8%<\/td>\n

<\/p>\n

$23,962.22<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

1.65%<\/td>\n

<\/p>\n

16.95%<\/td>\n

<\/p>\n

$1,881.43<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

-0.3%<\/td>\n

<\/p>\n

5%<\/td>\n

<\/p>\n

$0.07<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

ANKR<\/strong> (ANKR)<\/td>\n

<\/p>\n

+48.8%<\/td>\n

<\/p>\n

$0.05<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum Classic<\/strong> (ETC)<\/td>\n

<\/p>\n

+9.3%<\/td>\n

<\/p>\n

$42.3<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ravencoin<\/strong> (RVN)<\/td>\n

<\/p>\n

+8.7%<\/td>\n

<\/p>\n

\u200b\u200b$13.5<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: <\/em>Best Crypto Debit Cards<\/em><\/a><\/p>\n

Why It Matters: <\/strong>The rise seen in Bitcoin and Ethereum prices, stemmed by lower July inflation numbers, moderated at press time.\u00a0<\/p>\n

Cryptocurrencies appear to be following stocks in shedding gains racked during the recent broader risk-on rally. The S&P 500 ended Thursday flat, while the tech-heavy Nasdaq was down 0.6%. At press time, S&P 500 and Nasdaq futures traded flat.<\/p>\n

Ethereum saw a more robust surge in prices compared to Bitcoin recently as\u00a0FOMO built up around the upcoming merge. The merge<\/a> is a reference to Ethereum\u2019s move to a proof-of-stake mining model from the current proof-of-work mechanism.<\/p>\n

Micha\u00ebl van de Poppe<\/strong> noted that ETH\u00a0 was the \u201cactual asset\u201d propping up the market amid the merge buzz. The cryptocurrency trader expects the second-largest coin to continue towards the $2,500 mark and Bitcoin towards the $30,000 region in the coming month.\u00a0<\/p>\n

<\/p>\n

Honestly, #Ethereum<\/a> is the actual asset that is carrying the markets, as some FOMO is starting to get some grip on the markets with the merge and ETH 2.0 coming up.<\/p>\n

Through that, expecting to see $ETH<\/a> continue towards $2.5K and $BTC<\/a> towards the $30K region in the coming month.<\/p>\n


\n\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 11, 2022<\/a><\/p><\/blockquote>\n

GlobalBlock analyst Marcus Sotiriou <\/strong>pointed to data from Bank of America Global Fund Manager Survey that showed fund managers are more risk averse than they were in 2008 \u2014\u00a0the year the global financial crisis hit.\u00a0<\/p>\n

\u201cThis preceded a bottom in the market in 2008 and confirms why this recent rally we have seen is so hated, as most professionals have missed it,\u201d wrote Sotiriou, in a note seen by Benzinga.<\/p>\n

OANDA Senior Market Analyst Edward Moya<\/strong> said Wall Street is beginning to \u201csecond guess how soon the [Federal Reserve] will be in a position to pivot.\u201d Moya said it was \u201cway too early to continue to expect the next round of inflation readings to keep that declining pace.\u201d<\/p>\n

On cryptocurrencies, Moya said that Ethereum is \u201cleading the charge\u201d while Bitcoin has run into a wall of resistance.<\/p>\n

\u201cBitcoin is also above the $24,000 level, but is clearly seeing massive resistance from the $25,000 level. It seems, it might take a while longer for Bitcoin to rally above the $25,000 level, but when it does it momentum could take it towards the $28,400 level initially.\u201d<\/p>\n

Justin Bennett <\/strong>said the daily close for Bitcoin didn\u2019t look good on Thursday.\u00a0The trader said the apex coin needs to close above $24,200 to \u201cflip it to support.\u201d He advised his Twitter followers to be \u201ccareful.\u201d<\/p>\n

<\/p>\n

Not a great look for $BTC<\/a> into the daily close.<\/p>\n

As I’ve said all week, #Bitcoin<\/a> needs to close above $24,200 to flip it to support.<\/p>\n

Until then, it’s resistance. Hence this rejection.<\/p>\n

Be careful out there. pic.twitter.com\/DQgZCvI2Cq<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) August 11, 2022<\/a><\/p><\/blockquote>\n

On-chain analysis firm Glassnode pointed out that aggregate accumulation, which was rising post the collapse of Terra Classic <\/strong>(LUNC) in June on account of Shrimp and Whale cohorts, has begun to soften during the latest rally. The Accumulation Trend Score measures the relative size of entities that are accumulating Bitcoin on-chain.\u00a0<\/p>\n

<\/p>\n

The #Bitcoin<\/a> Accumulation Trend Score has started to soften during this rally.<\/p>\n

This follows a near perfect two months of aggressive balance increases after the LUNA collapse, and again in June, primarily driven by the Shrimp and Whale cohorts<\/p>\n

Live Chart: https:\/\/t.co\/OqT6baYhjq<\/a> pic.twitter.com\/bEtaX91GCL<\/a><\/p>\n


\n\u2014 glassnode (@glassnode) August 11, 2022<\/a><\/p><\/blockquote>\n

Read Next: <\/em>Did Fortune Favor The Brave? If You Invested $1,000 In Bitcoin When Matt Damon Said, You’d Have This Much Now<\/em><\/a><\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The rally in major coins simmered down Thursday evening as the global cryptocurrency market cap rose marginally by 0.3% to $1.1 trillion at press time. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD 0.1% 5.8% $23,962.22 […]<\/p>\n","protected":false},"author":1,"featured_media":25709,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[70,50,135,85,181,158,549,10406,10407,213,4833,1709,193,1433],"class_list":["post-25708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-big","tag-bitcoin","tag-coming","tag-dogecoin","tag-eth","tag-ethereum","tag-month","tag-mutes","tag-prominent","tag-rally","tag-reaching","tag-sees","tag-trader","tag-upside"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/peio-bty-vbcvcwuyvym-unsplash.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25708"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25708\/revisions"}],"predecessor-version":[{"id":25710,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25708\/revisions\/25710"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/25709"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25708"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}