After a spectacular rise on Saturday and a resounding crash to around $20,750 on Sunday, on the first day of the coming week, bitcoin took a sharp upward course. So, by the time of writing, the coin has reached a high of $22,306, gaining more than 7.5% in a few hours.
According to CoinMarketCap, a website for tracking the value of digital assets, over the past day, the lowest price of bitcoin reached $20,778, and the highest was $21,600.
Despite the sharp jump in the value of the main cryptocurrency, experts continue to insist that the BTC remains in a clearly bearish trend, which can only be reversed by the rise in the price of the first digital asset above $30,000.
Altcoin market
Meanwhile, the main competitor of bitcoin, the altcoin Ethereum, is also growing steadily on Monday and has reached $1,454 by the time of writing, having gained almost 6% over the past 24 hours. At the same time, over the past day, the volume of liquidations in the Ethereum market exceeded $280 million.
Over the past week, the cost of Ethereum has increased by 20% and by the time of writing, the cryptocurrency is significantly ahead of bitcoin in terms of growth.
Amid the spectacular take-off of Ethereum, the quotes of the management token of the staking protocol Lido have also increased significantly, which has added more than 70% in value over the past 24 hours and was trading at $1.8.
Lido is the most popular ETH staking platform with over 31% share of all coins locked on the Ethereum 2.0 deposit contract.
An active increase in the price of the main altcoin ETH began at the end of last week after one of the project developers announced that the ETH blockchain could move to the new Proof-of-Stake algorithm as early as mid-September. In the face of this news, the cryptocurrency rate instantly soared by more than 12% to $1,300.
Despite such high-profile achievements, Ethereum quotes still remain 71% below their all-time high recorded in November 2021.
However, crypto investors continue to permanently accumulate stocks of the key competitor of BTC. Thus, according to information from asset management company CoinShares, since the beginning of July, institutional investors' capital inflows into Ethereum-based products have increased significantly, while bitcoin traders' positions have remained predominantly short.
At the same time, on Monday morning, blockchain data provider Glassnode reported that the number of addresses holding more than 32 ETH on the balance reached 116,895, which was a 16-month high.
As for cryptocurrencies from the top 10 by capitalization, over the past 24 hours, all coins, except for Dogecoin and the stablecoin Tether, showed a confident positive.
According to CoinGecko, the world's largest virtual asset data aggregator, over the past 24 hours, Ethereum Classic (+17.6%) topped the list of top 100 most capitalized digital assets, and LEO Token (-5) took the first place in the drop list (8%).
According to the results of the past week, among the hundred strongest cryptocurrencies, the Lido DAO coin showed the best results (+169.8%), and the worst – TerraClassicUSD (-16.2%).
Crypto Expert Predictions
Today, most industry analysts are still predicting a final capitulation for digital assets, catalyzed by a further permanent increase in base interest rates by the US Federal Reserve to support the economy in the face of record inflation.
Thus, analysts from Glassnode recently said that capitulation in the crypto-assets market will continue amid continuing extreme financial stress. Experts suggested that in the future, the pressure on the virtual coin market will constantly increase and eventually provoke bitcoin to fall below $20,000.
The day before, Arthur Hayes, the former CEO of the BitMEX exchange, also spoke about his forecast regarding the future fate of the BTC. In his blog, the American entrepreneur stated that soon the king of crypto assets will hit the bottom and quickly recover, because. The Fed will "print trillions of dollars again."
