Bullish momentum within the crypto market picked up on August 20 as Bitcoin (BTC) rose to levels last seen since May 16, climbing to highs of $ 49,081. Bitcoin bulls had managed to hold onto the $ 44,216 support to start a gradual upward move on Aug. 18 as recent market developments helped boost the price of Bitcoin.
First, Friday’s $ 600 million call-to-put ratio for bitcoin options favored neutral to bullish call options as the data reflects 7,838 bitcoin call options stacked versus 5,465 put options. Second, Wells Fargo, one of the oldest banks in the United States, is the newest member of a list of growing financial institutions offering indirect exposure to bitcoin to their wealthy customers, applying for a bitcoin fund.
Another boost for the market is the news that Coinbase has updated its investment policy to increase investments in crypto assets. Coinbase Exchange stated on Aug. 20, “We are committed to investing $ 500 million of our cash and cash equivalents in a diverse portfolio of crypto assets. In the future, we will also allocate 10% of the quarterly surplus to this portfolio. ”On the other hand, Bitcoin bulls ignored the news that Binance Exchange will limit services for existing users unless they adhere to the new KYC and AML requirements.
The altcoin market picked up significantly as the rise in Bitcoin price was reflected in a wave of green candles from altcoins. At the time of writing Harmony (ONE, + 10.71%), Avalanche (AVAX, + 16.54%), Helium (HNT, + 16.39%), Reserve Rights (RSR, + 20.99%), Energy Web Token (EWT, + 16.39%), Syscoin (SYS, + 50.85%), Livepeer (LPT, + 23.02%), Safemoon (SAFEMOON, + 22.06%), Coin98 (C98, + 38.73%) recorded significant gains.
BTC / USD daily chart
Bitcoin was trading 4.13% to $ 48,893 that day while Ethereum was trading at $ 3,253.
Crypto analyst Michaël van de Poppe believes a breakout of $ 48,000 could trigger another upward move, stating:
“I think we’re going to push down to $ 55,000 to $ 56,000, the next level we have here.”
Cardano (ADA) hit a new all-time high of $ 2.58 on August 20, taking 3rd place in the cryptocurrency ranking by market capitalization. It appears that the “Alonzo” upgrade planned for September 12th is having a significant impact on investor sentiment.
Prominent Twitter analyst Kaleo believes Cardano expects further upside gains in the medium term, saying, “In a world where BTC is over $ 100,000 and ETH is over $ 10,000, Cardano wouldn’t surprise me with a BTT to pull. ” It’s worth remembering that BitTorrent (BTT) rose nearly 1000% from $ 0.001 to $ 0.01 between March and April this year.
Safemoon recently announced the launch date of its upcoming wallet, which is slated for August 28th. Other notable developments around SAFEMOON include the bridge to WAX and EOS cryptocurrencies.
Although the dates for this have not yet been released, a Twitter post could suggest that the launch could take place in September. Analysts predict a 100 percent increase in the SAFEMOON price in the medium term and expect these developments to have an impact on the price.
At the time of publication, Safemoon was trading at $ 0.000002102.
Web 3.0 tokens: Helium (HNT), Livepeer (LPT)
Some cryptocurrency traders speculate that digital assets tied to visions of a decentralized internet dubbed Web 3.0 tokens could be the next hot market bet. In particular, digital assets in this category such as livepeer (LPT), helium (HNT) have increased in value recently.
Livepeer provides a marketplace for video infrastructure providers and streaming applications, while Helium uses blockchains and tokens to motivate consumers and small businesses to provide and validate wireless coverage and transfer device data over the network.
Regarding helium, Twitter analyst Kaleo says, “Time to pay attention to HNT again. A project that I’ve been watching for several months that finally looks like it’s going to go higher. Solid fundamentals … + growing network + bull market = pricing. “
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