On August 1, Monday, the cryptocurrencies market was essentially flat, but it continued to trade in the negative despite what appeared to be a market attitude shift away from panic. The market capitalization of cryptocurrencies was $1.09 trillion, a decline of 1.12% over the previous day as Bitcoin, Ether, Solana, Dogecoin, and other cryptocurrencies broke winning streaks to open somewhat down.
According to data from CoinMarketCap, Bitcoin maintained the $23,000 level and increased by more than 6% during the past week. The price of one bitcoin was $23,324.99, a decrease of 1.72 percent over the previous 24 hours.
“Bitcoin has made a high of $24,600 and has finished in the green for the past two weeks, with a last-week increase of just over 3%. As Bitcoin appears positive, the market sentiment also appears to be gradually leaving the “fear” zone.
Although the BTC weekly trend has bounced off the support level and is now on an uptrend, it is still moving through a descending triangle pattern. A representative from the WazirX trade desk predicted that $32,300 would be the next significant BTC barrier level.
The final day of the week saw corrections in the majority of cryptocurrencies. Despite a modest drop, Bitcoin was still above the $23,000 mark. BTC may soon reach US$25,000 if bulls can push the price higher today than it is already. The CEO and co-founder of Mudrex, Edul Patel, highlighted that Ethereum has been on a winning streak for the previous two weeks.
The price of ether today, on the other hand, decreased by 0.31 percent to $1,689.44 at the time this piece was being written. Dogecoin, Cardano, XRP, and Solana were all down up to 3%.
“Ethereum has been winning, closing in on the green for four consecutive weeks. With ETH breaking above its previous major resistance level of $1,740, the price has increased by more than 5% just in the last week.
With a recent recovery from its support levels, Ethereum’s weekly trend has developed a descending channel pattern. The $2,400 milestone is anticipated to be the next major barrier for Ethereum “said a representative for WazirX.
This pattern demonstrates how powerful the market’s buyers are, and it suggests that Ethereum may challenge the US$1,900-2,000 level in the days ahead “Patel noted.