Bitcoin BTC Price, Ethereum and Gold Price on the Rise
Is this the start of a new bull run for Bitcoin BTC?
This is what many traders and holders of bitcoin BTC are hoping for when they see the Bitcoin price cross the symbolic level of 10,000 dollars!
While many analysts expected the price of Bitcoin to fall back to $7,000, BTC price took the opposite path to $10,315 on Coinbase.
Of course, there is still a way to go, if only to return to its high of $20,000.
This is not the first time that the bitcoin price has returned to this $10,000 level and some, like the CEO of Binance, even find it less than exciting.
$10k is no longer exciting.
— CZ Binance (@cz_binance) July 26, 2020
After weeks of boring range, the price of Bitcoin therefore appears to have taken a bullish direction even though it will be necessary to see if BTC can hold this price point that it just broke again.
Ethereum price above $300
If the Bitcoin price goes up, it is not the only one to experience a sharp rise, like the Ethereum (ETH) price which has passed the $300 level and is currently around $327.
The last time the ETH price was above $300 was in July 2019!
This clearly indicates that things are finally moving in the crypto market, between this Bitcoin price which again breaks the level of 10,000 dollars, and the Ethereum price which is also experiencing a significant price increase.
The Ethereum blockchain, which must switch to ETH 2.0 mode in a few months in order to free itself from the saturation of its network by a growing number of applications using its protocol such as DeFi (decentralized finance) dapps which are sweeping the market.
The prices of altcoins are on the other hand affected by the rapid rise in the price of Bitcoin, with many cryptocurrencies (Cardano ADA, Chainlink LINK, Tezos XTZ) which see their price drop in favor of the BTC price.
The price of gold breaks new records
Bitcoin and Ethereum are not alone in their bullish movement, the price of gold is also breaking new highs.
The price of gold is now around $1,932 an ounce.
The last record gold price is $1,918 on September 1, 2011!
The current uncertain global economic environment due to the Coronavirus/Covid19 crisis which is worsening again in many countries such as the United States, Spain and France, could explain this increase in safe havens like gold.
The death toll from Covid19 exceeds 1,000 per day in the United States, returning to the threshold of May 2020.
Countries that are trying to cope with this resumption of the pandemic by finally making it compulsory for the population to wear a mask.
There is also the escalation of tensions between the United States and China over trade disputes, China’s handling of the COVID-19 pandemic or the recent espionage cases of which China is accused by the government of Donald Trump.
A Bitcoin price and a gold price which therefore benefit from an environment conducive to an increase in their prices.
It remains for BTC to confirm this bullish movement and perhaps eventually head for a next bull run as some analysts predict, with the last high at $20,000 first which will therefore have to be re-crossed someday.