A tale of two cryptos: Ethereum hits two-week high, but Bitcoin can’t crack US$35k
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The crypto-recovery is continuing this morning, with 18 different top 100 altcoins posting double-digit gains and Ethereum climbing to a two-week high. But Bitcoin is a different story.
BTC has made three different attempts in the last 24 hours to push past resistance at US$35,000, however each attempt has been quickly rejected.
At 11.45am AEST, Bitcoin was changing hands at $34,713, up just 0.6 per cent from the same time Monday. It had breached $35,000 around 10.40am, and earlier around 2am and yesterday at 5.45pm, but each move lasted less than an hour.
— Anthony Zirrolli (@Cryptoblackwall) June 29, 2021
But Ethereum was changing hands for US$2,122, up 7.5 per cent from yesterday, after pushing through the US$2,000 level around midnight. After dipping as low as US$1,718 on Saturday, Ether is now trading at its highest level since June 21.
Ether is gaining ahead of its London hard fork, which is expected to reduce the gas fees that users pay in transaction charges . (A change known as Ethereum Improvement Protocol 1559).
The change was implemented on Ethereum’s Ropsten testnet last week and is expected to be released on the Goerli testnet tomorrow. Mainnet implementation is expected in late July.
No. 49 crypto Kusama has been the biggest gainer this morning, rising 31.6 per cent as auctions continue for a slot on its parachain network.
The other double-digit top 100 gainers were Compound, Bitcoin SV, Zilliqa, Aave, Elrond, BitTorrent, Celsius Network, Siacoin, Synthetix Network Token, LEO Token, Neo, ZCash, 0x, Cosmos, Nexo, Stacks and XDC Network.
Quant was the only top 100 loser, declining 7.0 per cent after a strong recent run
Dutch crypto trader Michael van de Poppe tweeted that if Bitcoin could break above $35k, “the path towards $40k seems to be open.”
On the flip side, Bitcoin Charts tweeted that the one-week exponential moving average (EMA) ribbon was acting as support. “A close below it, at 32.5k, would be bearish”.