Cryptos Wobble but Remain Well Bid, Bitcoin Slightly Higher

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Created by TradeOr

3rd Party Analysis 11 Aug 2021

Key Takeaways

  • Cryptocurrencies trade little changed on Wednesday, Bitcoin hovers near $46,000
  • Twitter and Square CEO Jack Dorsey says Bitcoin “will unite a deeply divided country”

Cryptos Wobble but Remain Well Bid

The tremendous momentum that carried major coins to highs unseen for months stalled slightly on Tuesday but coins remain well bid on Wednesday. Bitcoin surpassed its Monday high and climbed to a fresh top of $46,700 yesterday, an intraday spike of about 2.7%. Later in the session, however, the buying activity faded and bitcoin’s price slipped from its high and closed essentially flat on the day, up by roughly $40, or less than 0.1%, to $45,600.

The recent rally appeared to be taking a breath on Tuesday as the broader crypto market traded rather exhausted. Beside bitcoin, other major digital tokens were also relatively flat and hovered sideways. Ether was positive by about 2.8% and closed the day at $3,160. Dogecoin was negative by nearly 3% and finished at a little over $0.25 per coin.

The Ethereum token is having a stellar sprint that has so far pushed its value up by nearly 80% in about three weeks. The milestone London hard fork is one of the main reasons crypto traders prefer to bet heavily on the second-largest token.

On that note, Ether has recently been faring better than bitcoin, the world’s largest digital currency. Since July 21, the price of bitcoin has added about 55%, a relative underperformer compared with ether’s surge by 78% for the same period. In shorter time frames, bitcoin is up about 20% last week, while ether has advanced by 25%.

Strong Bitcoin Community Support

Crypto supporters, in the meantime, remain committed to bitcoin as a way to introduce the crypto realm to mainstream finance. And to many, bitcoin is roaring back after a harsh blow a couple of months ago erased as much as half of bitcoin’s worth.

Jack Dorsey, founder of Twitter and Square and a devoted Bitcoin evangelist, earlier in the week took to his own media platform where he expressed his belief in the leading cryptocurrency. „Bitcoin will unite a deeply divided country,” he said while adding “(and eventually: world)”.

Bitcoin’s price action has been positive for four weeks straight and it is so far on pace to log its second consecutive month in the green.

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