Cryptocurrency markets remain bullish today, rising substantially this morning after testing support last night. Bitcoin is up to $24k, Ethereum is holding above $1.8k, and Solana maintains its $42 support level exceptionally well. While it’s still far too early to tell whether the bear market is starting to reverse, the short-term outlook for crypto markets remains positive as support has been holding relatively well and trading volume has been increasing.
Crypto Market Update
Today’s big news is Coinbase’s earnings report, which showed the company lost over $1.1 billion in Q2. In its letter to shareholders, Coinbase revealed that its outlook for the crypto market remains positive. The company is looking to set itself up for success for the next bull phase by improving efficiency, downscaling unnecessary spending, and focusing its efforts on growing organic traffic to the platform.
In other news, yesterday, the U.S. Treasury sanctioned Tornado Cash, a cryptocurrency mixing, putting the entity on the SDN list (Specially Designated Nationals and Blocked Person List) employed by the OFAC (Office of Foreign Assets Control). This means United States users are strictly prohibited from utilizing this service. Suppose you’re looking to protect your cryptocurrencies from users on the internet tracking your addresses. In that case, a much better and legal alternative is to use a reputable exchange to deposit and withdraw the funds.
Utilizing a service like an exchange will break the transaction history on the public blockchain ledger, obfuscating your transaction history from random people on the internet who decide to do fundamental blockchain analysis via a blockchain explorer like Etherscan to see how much money is in your wallets.
Bitcoin, Ethereum, Solana Price Prediction and Analysis
Bitcoin Price Prediction
With Bitcoin rising by 5% today, it’s nearing its 1-month high of $24.5k. We’re likely to see BTC attempt to establish support at $24k before attempting to breach the 1-month high level. If Bitcoin surpasses $24.5k, we’re likely to see a short and quick bull run to $25k, after which BTCUSD will attempt to establish support at that level.
Ethereum Price Prediction
Ethereum continues outperforming Bitcoin daily, amplifying its bullish runs and mitigating its downturns. Ethereum is trading at $1,830, up 9% in the past 24 hours. ETHUSD recently broke through its 1-month high of $1,802 as the cryptocurrency is gaining momentum rapidly.
Ethereum is attempting to breach its 3-month high of $2k, which could happen in the next few weeks. If ETHUSD continues to outperform BTC, we’re likely to see Ethereum’s market capitalization surpass 50% of Bitcoin’s in the next couple of days, which would provide additional momentum for Ethereum to push forward.
Solana Price Prediction
Last but not least, Solana has had a tough break the past month, especially over the past week, as a significant hack relating to Slope, a Solana-based mobile wallet, caused millions of dollars worth of losses to its users. Despite the adverse events, Solana traded sideways at the $39-$40 range, recently seeing a break through the $42 level.
Solana’s 1-month high is $46, and SOL will attempt to breach it over the next several days. We could see SOL break its 1-month high by the end of the week, but likely most of the momentum will occur next week since weekend trading is usually sideways.
Cryptocurrency markets have a long way before a bull run can be registered and overturn the almost year-long bear market. However, things are starting to look up as several digital assets break month-long highest. If this trend continues, we can hope for a profitable Q4 for crypto companies, which will further catapult an increase in users/customers, volume, and overall interest in the space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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