Bitcoin Soaring Through The $10,000 Resistance Level

Silicon Valley giants Facebook (FB), Amazon (AMZN), Apple (AAPL), Google (GOOG, GOOGL) and Microsoft (MSFT) continue to drive the S&P 500 up to the extent that without them, the index would actually be down year-to-date.

Normally I would begin by bemoaning a lack of price action from bitcoin (BITCOMP). Not so today, with bitcoin soaring through the $10,000 resistance level, hitting a high of $10,314 in the early hours of the morning. In addition to this important move upwards, it is also pleasing to see that a respectable bottom of $9,000 is in place. 

Furthermore, Glassnode recently highlighted that bitcoin’s reserve risk, a metric used to assess the confidence of long-term holders comparative to bitcoin’s price, is growing favourably. Indeed, this confidence has been growing since September 2019, which indicates that the risk of investing in the cryptoasset versus the potential reward is low.

 

Cardano catches breath before next Shelley upgrades

Cardano (ADA-X) has been a standout performer and I’ve regularly eulogised about the consistency within which the IOHK team are sticking to their Shelley roadmap. Wednesday sees the next stage of said upgrades, with the launch of the mainnet and staking will hopefully go live in the middle of August (the IOHK roadmap estimates 19th August). Given the uptick we have seen previously in ADA’s price as the Shelley upgrades have come through, we could see another run on price, following these events.

eToro investors are clearly following Cardano’s upgrades, with our data showing the cryptoasset was the 3rd most traded asset last week. For more information on where investors are seeing opportunities, look out for our next monthly top crypto report.


Institutional and professional traders are further serviced in the sector

I’ve spoken many times about the importance of institutional and professional investors to the cryptoasset sector. In recognition of this importance, and to satisfy demand from some of our exchange’s professional clients, we recently added several risk management and enhanced trading tools to the platform, as well as launching an inverted fee model. 

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This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without ...

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Noah Pomerance 3 months ago Member's comment

With the extreme volatility surrounding the more “attractive” crypto, (Bitcoin, Ethereum...) how does one have confidence in investing in certain crypto assets?