The previous week marked a solid recovery in the price of cryptocurrencies. Bitcoin rose to highs of $42,414, the highest since May, after a 10-day winning streak that was the longest since 2013. The majority of Altcoins followed in Bitcoin’s steps, posting double-digit gains in weekly returns.
While giving a recap for the previous week, Messari stated on Friday: ”In the week ending July 29th, market trends completely reversed from previous weeks. For the first time since May, sectors experienced two-digit weekly returns, possibly marking the bottom of the recent multi-month decline.”
On the fate of Altcoins, crypto trader, Michael Van de Poppe believes that Ethereum may be poised for a breakout on its BTC pair in August. If this holds, Altcoins may experience breakouts in their USD pairings as the ETH/BTC pair remains a precursor for the Altcoin market.
Bitcoin (BTC) had a monthly close above $41,000, trading to highs of $42,605 on August 1st. Speaking around this, stock to flow creator, PlanB tweeted: ”#Bitcoin July closing price $41,490… it bounced from the lows, like clockwork”
Bitcoin S2F Model, Courtesy: PlanB@100trillionUSD
Bitcoin’s price rise on August 1st coincided with bullish news that GoldenTree Asset Management, a New York-based with $45 billion under management, has been adding an undisclosed Bitcoin to its balance sheet, according to a report by The Street, which cited two unnamed sources.
As of press time, Bitcoin (BTC) was changing hands at $41,177, after a slight retreat, marginally down over the past 24 hours.
Shiba Inu (SHIB)
Amid improved sentiment seen across the cryptocurrency space, Shiba Inu is drawing the same inspiration, as it seeks to extend its upswing from near the $0.00000590 support area.
The recent climb in SHIB’s price also partly alluded to eToro’s listing of Shiba Inu in response to rising demand from traders. eToro, a leading investment platform recently announced the listing of the Shiba Inu coin. SHIB price may likely pick up from increasing demand, as it will now be accessible to over 20 million registered eToro users.
Created as a ”Dogecoin killer”, SHIB is leading the surge in the number of traders on exchanges like Crypto.com recently amassing 600,000 holders despite range-bound price action. Shib traded at $0.00000637 as of press time.
Bitcoin Cash (BCH)
Happy birthday, Bitcoin Cash!!! Born four years ago on August 1, 2017, amid a big scaling debate that shook the cryptocurrency world to its core, Bitcoin Cash (BCH) was the result of a series of disagreements among developers and Bitcoin influencers about how to achieve blockchain scaling in the best way possible. Some supporters opted to scale the on-chain by increasing the block size, and that idea transformed into what Bitcoin Cash is today.
Marking the 4th anniversary, the Bitcoin Cash sidechain, smartBCH, is launching with support from the BCH community and miners. The network announced ”We are pleased to announce that we have launched smartBCH successfully on July 30th, 2021 with three nodes as the genesis validators”
Internet entrepreneur Kim Dotcom while applauding this feat stated: ”An important milestone for Bitcoin Cash. Thank you@JihanWu for making this possible. The future is bright for BCH.”
Bitcoin Cash was trading at $544 as of press time.
Ethereum Classic (ETC)
Ethereum Classic block 13,189,133 arrived at 0:00 UTC on Jul. 24, 2021 (8:00 PM ET on Jul. 23, 2021), activating the Magneto hard fork. On July 29, the network announced ”Binance has successfully implemented the recent #EthereumClassic Magneto network upgrade. Though deposits/withdrawals were paused the trading of ETC was not affected during the upgrade.”
While Ethereum eyes a complete transition to purely proof of stake (PoS), Ethereum Classic believes it’s a viable alternative due to its proof of work (PoW) consensus, stating:
”Ethereum’s move to PoS and Sharding may disrupt many in the community who prefer PoW and a strong base-layer approach to blockchain security. This is where #EthereumClassic becomes a viable alternative for #Ethereum projects to migrate to.”
At the time of writing, Ethereum Classic was trading at $51.78.
Image Credit: Bitcoin S2F Model, Shutterstock