As of 11:20 am on the 13th, the price of Bitcoin (BTC) was traded at around $56,258 each. This is a decrease of about 1.05% compared to 24 hours ago.
In Coinbase, a major bitcoin exchange, the bitcoin price has exceeded $56,000. However, it fell 2.2%, ending the longest sustained gain this year. Bitcoin, which had been on the rise for 7 days in a row until the 11th, has almost recovered its losses at the end of last month by this, but it did not exceed the all-time high of 58300 dollars.
Bitcoin price recovered by 25% this month after correction in February. For the first time in seven years, it has increased for the first time for six months in a row, and this year is almost twice as high as last year.
An official of CoinDesk said, “In the current bull market, technology stock traders are also considering the possibility of a’double top (in the form of an M, a phenomenon that turns to a downtrend after breaking two consecutive highs)’.” We are expecting a breakthrough, but concerns about the double top, which could lead to a strong sell-off, cannot be ignored.”
As such, the market, which has shown an uptrend in the last two weeks and has fully recovered from the corrections at the end of last month, is facing both possibilities: a double top or an all-time high.
“It’s up to the market this weekend whether bitcoin will stay at its current level or if it will go up a bit and hit new highs,” said Matt Blom, head of sales and trading at the virtual asset exchange EQUOS.
On the other hand, Ethereum (ETH) also showed successive gains thanks to the rise of Bitcoin this week. As of 11:20 am on the 13th, it was traded at around $1,741 each, which is a 3.7% drop compared to 24 hours ago.
Currently, the community of Ethereum developers and miners is focusing on protocol upgrades that are very short. Scheduled for July *Hard fork It was confirmed that the upgrade included a solution to the network fee problem, which was published in Ethereum Improvement Proposal (EIP) 1559.
(Hard Fork: A software update that splits the blockchain into two branches)
Some analysts say it is unclear whether these changes will have a long-term effect on ETH prices. An official from a cryptocurrency exchange predicted, “Because of the very experimental and evolving nature of the ETH 2.0 upgrade, it is unlikely that this upgrade will have a significant impact on the ETH price just because the contents of EIP 1559 are included.”
In addition to ETH, other altcoins also showed an uptrend this week, but not as much as Bitcoin. The FTX exchange’s altcoin index futures rise rate was slightly less than 2%.