Cryptocurrency Views – July 2021
9 July 2021, ETH Views
Ether’s upcoming London upgrade has brought the bullish sentiment gathering, although the cryptocurrency market experienced a pullback caused by the Chinese central bank’s worsen over the stable coin. The upgrade will see some of the transaction fees burned, which will affect the supply of Ethereum over time. The deflationary properties of the system may be amplified when the network switches from mining to proof-of-stake consensus in the latter half of 2022. Therefore, we believe that Ether could lead the cryptocurrency market back to the bull run.
8 July 2021, ETH Views
The price of Ether sees a retracement after the announcement of the Chinese central bank is “quite worried” about the global financial risks associated with digital currencies, particularly stable coins. However, some of the world’s biggest payment companies like Visa have doubled their positive stance on stable coins. Therefore, the negative impact on Ether could be temporary.
7 July, 2021 ETH VIEWS
Ether’s recent movement shown a consolidated up pushing pattern as compared to Bitcoin’s hesitated one. Ethereum ‘s “smart contract” application has been wider adopted is the critical reason for that. Ethereum has also been able to grow at a faster rate than Bitcoin. While Bitcoin grew 261% in the past year, ETH was up by 856% in the same period. Therefore, it seems Ether flip over Bitcoin in terms of market capitalization is likely happening.
6 July 2021, ETH Views
Ethereum price continues to rise as London fork nears
The London hard fork, an upgrade, proposes replacing Ethereum’s “first-price auction” fee model with a base network fee, modifiable per the network’s demand. It hopes to solve the blockchain’s higher gas and transaction fee problem. It also aims to make ETH a deflationary token by burning the base network fee. Ether, therefore, the price could keep hiking towards a higher place.
5 July 2021, ETH Views
The second-largest cryptocurrency by market capitalization peaked north at $2,350 on Sunday, its highest reading since June 18. Anticipation of major protocol upgrades is fueling investors’ appetite for ETH. The hard fork positively impacts Ether’s value thanks to several proposal upgrades, including the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of tokens in circulation. It is a bullish event for Ether.
2 July 2021, BTC Views
The price of Bitcoin keeps hovering around the recent low at $33k level. The market is waiting for the upcoming nonfarm payroll data to release and trying to get the possible clue whether the FED raises the interest rate sooner than expected. However, there is a strong support level at $30k, and the price movement is still in the uptrend tunnel. Bitcoin is likely to hike whenever the data is released.
1 July 2021, BTC Views
As more institutional investors get involved in the crypto market, Bitcoin price becomes more sensitive to the real world’s economic data. Institutional investors tend to be cautious about how the Fed’s monetary policy lead by the upcoming nonfarm payroll data. It directly leads to a slight ranged fluctuation in Bitcoin price. However, more hedge funds show their interest in the field, and the crypto market keeps getting attention.