Following last week’s impressive recovery, the crypto market continued the newly formed uptrend. Bitcoin broke out midweek and peaked at $9,153 before pulling back to $8,600 levels – which represent a 5% weekly growth. Notable movements from altcoins this week: Dash – up 55%, Ethereum Classic – up 57%, and Bitcoin Cash – up 31%. Overall, the total crypto market cap rose by 10% this week, and now stands at around 235 billion US dollars.
This Week’s Highlights
- Bitcoin breaks $9,000 for the first time since Nov 2019
- Ethereum Classic jumps 122% following the hard fork
- The week ahead
Bitcoin breaks $9,000 for the first time since Nov 2019
After breaking out of what appears to be a descending channel, BTC kept gaining ground against fiat currencies, even breaking the $9,000 mark at one point. Currently, Bitcoin trades in the $8550-$8,650 range, while other altcoins, such as Dash and Cardano show relative volatility.
Ethereum Classic jumps 122% following the hard fork
After successfully completing the Agharta hard fork last week, Ethereum Classic led the overall bullish movement and registered an impressive price hike, soaring from $5.53 to $11.85, before pulling back to $9 levels. The newly forked ETC token displays a better compatibility with its big brother Ethereum, and should support higher scalability once, and if, mass adoption kicks in.
The Week Ahead
As Bitcoin edges higher and higher, it is expected that the rest of crypto will follow the trend. With no major expected events planned for the next week, crypto traders will rely on technical analysis indicators to guide proces towards previous support and resistance levels. We advise our traders to follow the Newsfeed for breaking news alerts and updates on highly volatile price movements.