Bitcoin, Ethereum in the eye of the bullish storm; Square could develop as a leading asset class
Bitcoin, Ethereum in the eye of the bullish storm; Square could develop as a leading asset class
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- bullish price action, since leading cryptos consolidate under the record highs
- Ethereum attracts more interest, but Bitcoin remains strong
- Number of tokens continues to increase, market capitalization over $ 2 trillion $
- level to be observed in Bitcoin and Ethereum-Futures
- Watch Square (SQ); The company could be at the top of the investment class
The weather conditions tend to be calm in front of hurricanes, monsoons or other violent storms. We can calmly the origin of the proverb " before the storm " back to 1601. In Lewis Machin and Gervase of Markham's piece the stupid knight, The sentence appears.
“ Koloquintida.
quickly blocked in your bed, with close protection to devour yourself, my brave paraquito; But still, no words, there is peace before the storm. ”
The quote can be an excellent characterization of the cryptocurrency markets, since the end of 2021 is only four months away. After trading on highs of $ 65,520 on April 14 and $ 4,406.50 in May, he fell to more than half of these values and recovered. Since Bitcoin at the level of $ 50,000 and Ethereum is at $ 3,940 at the end of last week, it could be a quiet time before crypto rasory returns with all its might.
opponents of the aspiring asset class still call for their downfall. Last week John Paulson said the investor who earned billions of billions with the real estate crisis in 2008, crypto was a " worthless bladder ." Proponents demand that the price of Bitcoin should increase to $ 100,000 by the end of 2021. Some see that Ethereum will reach $ 8,000 to $ 10,000 per token later this year.
The bottom line is that the cryptocurrency leaders are currently in the eye of a bullish or bear storm, depending on who they believe.bullish price action, since leading cryptos consolidate under the record highs
At the end of last week, Bitcoin was again over the $ 50,000 mark, Ethereum around $ 4,000 per token. The trend in both leading cryptos has been higher since the end of June.
Source: CQG
The September chart shows a higher low at the end of July compared to the end of June and steady growth from July 26th to early September. The youngest high was $ 51,260 last Friday
Source: CQG
flirted on September 3 with the level of $ 4,000 per token, more than twice the price on the low in June and July.
Ethereum attracts more interest, but Bitcoin remains strong
At the youngest high, Bitcoin recovered by 77.8% from the low of June 21. Ethereum did better with a profit of almost 136%.
The market has adopted Ethereum's minutes in the past few months. Ethereum is more versatile than Bitcoin because it processes transactions faster than the leading cryptocurrency. In addition, Ethereum is less energy -intensive in a world that deals with climate change, which makes it a greener crypto.
In the meantime, Bitcoin remained the leading provider of the investment class until Friday, September 3. At the level of $ 50,600, market capitalization was $ 951.745 billion, which corresponds to 41.6% of the market capitalization of investment classes. At $ 3,970 per token, Ethereum had a market capitalization of $ 465.477 billion, which occupied 20.3% of the value of all cryptocurrencies.Bitcoin and Ethereum continue to dominate 61.9% of market capitalization. Cardanos (ADA) 96.074 billion US dollars correspond to only 4.2 %. The value of Bitcoin is a tenth and about a fifth of Ethereum.
Number of tokens continues to increase, market capitalization over $ 2 trillion $
The flood of new tokens that come into the asset class has continued despite the price movements in cryptocurrencies. At the end of last week, a little more than 11,600 tokens were in cyberspace.
At the end of the second quarter of 2021, the number was 10,725. On December 31, 2020 there were 8,153. So far, in 2021, the number of cryptocurrencies has increased by 42.25%. In the meantime, the market capitalization of all cryptos with $ 2.291 was almost $ 200% above the level of $ 767.482 billion at the end of last year. The market capitalization of Bitcoin is now higher than the value of the investment class at the end of December 2020.
level to be observed in Bitcoin and Ethereum-Futures
Bitcoin and Ethereum may challenge the all -time highs of April and May in the coming weeks and months. Technically speaking, both parabolic upward movements, brutal corrections, consolidations and relaxation experiences.
While markets can need months or years in many asset classes to go through the price cycle, the process of cryptos seems to be done in no time.
The development of the crypto revolution or the fintech can be better characterized than fast-tech.
Source: CQG
The above graphic shows the critical level for Bitcoin, $ 28,800 down and $ 65,520. The current trend prefers a run to the highs compared to another test of the lows.
Source: CQG
In Ethereum, the support is $ 1697.75, resistance at $ 4,406.50 per token. Ethereum probed the $ 4,000 mark at the end of last week. The chances speak for a new one for Ethereum before Bitcoin increases to new record levels.
Watch Square: The company could rise at the head of the investment class
At a cryptocurrency conference this summer, Squares (NYSE :) founder Jack Dorsey explained his support for Bitcoin and said:
“ It reminds me of the early Internet. ”
At the beginning of June 2021 Dorsey said:
“ Bitcoin changes absolutely everything ... I don't think there is anything more important in my life that I can work on.”
Dorsey is a technology pioneer; As a co-founder and CEO of Square-he has the same position on Twitter (NYSE :) Inne-Dorsey leads two listed companies with a market capitalization of $ 175 billion (as of last week). While TWTr, the social media company that has a higher profile, SQ, its payment company, is worth more than twice as much.
Square works on an open platform that will create a decentralized exchange for Bitcoin with applications for other leading cryptos. Dorsey realizes that custody and safety are the Achilles' heel of the asset class. SQ is perfectly positioned to solve the problem, and Dorsey has over a " New #bitcoin hardware wallet . "
Source: Barchart
The chart shows the rise of the SQ share of an opening course of $ 11.20 in November 2015 to its latest high of $ 289.23 in August 2021. At $ 269.74 at the end of last week, higher highs are in sight.
The upward trend for cryptocurrencies and Squares Efforts for custody and security will probably bring the company to the top of the companies that benefit from the continued growth of investment classes.
Bitcoin, Ethereum and cryptocurrencies were in the eye of an interest bullish storm when they consolidated after a decline in record heights. At the end of 2021 the eye seems to pass and the bullish winds whip again.
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