The previous week saw a price run-up for Bitcoin and Altcoins, as positive adoption news helped propel the cryptocurrency market cap past the $2T mark once again. Speaking on the bull run, on-chain analytics santiment states:
Nearly universally, #crypto investors who have stayed exclusively long over the past 30 days have enjoyed a rather nice looking uptick to their portfolio values. $LUNA, $AVAX, and $AR have led the charge of top 100 #alts enjoying massive price surges.
However, at the time of writing, Bitcoin and the majority of Altcoins were seen trading in red as investors took profit. Bitcoin was down by $1.28% to trade at $48,560 while Ethereum traded at $3188, down by 2.66%. Adding to the negative sentiment was the withdrawal of applications for approval of Ether futures ETFs with the SEC by Investment firms Van Eck and ProShares, just two days after filing them.
On the other hand, AdvisorShares, an investment management firm that offers a range of themed ETFs recently submitted its application to the Securities and Exchange Commission (SEC) for a Bitcoin futures exchange-traded fund (ETF). It should be recalled that in remarks earlier this month, SEC chair Gary Gensler suggested he would look more favorably upon Bitcoin ETFs that only trade Bitcoin futures contracts.
Selected Altcoins such as Cardano (ADA, +4.49%), Litecoin (LTC, +0.18%), Telcoin (TEL, +7.58%), Harmony (ONE, +7.90%), Celo (CELO, +3.37%), Nano (NANO, +14.46%), Bakery Token (BAKE, + 21.02%), Kava.io (KAVA, +12.03%) were trading in the green as of press time.
A notable gainer in the day remains Loopring (LRC) which was up nearly 70% as of press time. Loopring rose from lows of $0.3508 to reach highs of $0.60 on August 22 ahead of a big announcement which borders around layer 2 NFT. Loopring is an Ethereum (Layer 2) zkRollup Protocol designed for the building of decentralized crypto exchanges.
Here Is What Analysts Say Presently on BTC, ETH, LTC, DOGE
As lead cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) battle key resistances, popular Twitter analyst, Pentoshi remains bullish stating:
”The next pullback for $btc and $eth to me looks like the last major opportunity structurally. When this starts trending up I think even the best traders will be left behind (those shorting/selling spot) if they don’t change bias quickly and adjust to the market.”
He continues ”if $btc can break out from here. People over-trading will lose their BTC and hodlers will win. I said this one other time before it did a relentless 6x. Know when to trade and when not to trade. All you have to do is do nothing. My strat is to do nothing when it happens”
Cryptoanalyst and trader, Rekt capital believes LTC has broken out from its flagging structure. He further states ”Daily Close above the structure confirms the breakout, though an ideal breakout would be via a Daily Close above the orange area (Weekly resistance)”.
Analyst Michael Van de Poppe sees this as he stated ”Litecoin is ready for $300”. At the time of writing, Litecoin (LTC) traded at $180.27.
Cryptoanalyst Kaleo believes a run-up to $1 is likely if the dog-themed coin breaks above 900 sats in its BTC pairing. Stating ”don’t sleep on $DOGE here.” he continued ”Here’s the game plan – Dogecoin will continue to melt higher until it hits the HTF resistance on the BTC pair around 900 sats. This is where you should be stacking, because when it breaks that line. It’s over (aka giga-send above $1.00).”
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