Bitcoin in the early hours of Tuesday, between Asian markets close and London open, breached the $7,800 level, resting above $8,000 before breaching $8,250 as of writing.
If Bitcoin closes the week above $8,000, this still does not mean it’s at the end of the bear market, rather Bitcoin has to breach the $11,000 position before it can be seen.
We still have until August 10th+ to understand the direction Bitcoin chooses to take, this date was not chosen out of thin air, rather it is the date when the SEC chooses to approve or deny a Bitcoin ETF.
Many publications have been stating that there is an above 90% chance that this ETF will be approved by the SEC, however, the figures taken are from the comments made to the proposal and not directly with the SEC.
The Key to bitcoin’s resurgence is the uptick in daily trading volumes with data from Bitfinex showing over $350 million in the BTC/USD trading pair over a 24-hour period, its value has gained nearly 20% in a 7-day trading period.
ETH is back above the $470 mark, this still means that Ethereum will still attempt on several occasions to breach the $510 mark as it attempted to do last week Friday, it was unsuccessful before falling to $445.
Alternative Currency Market
The entire altcoin market makes up 52% of the market, however, it is still entirely correlated to ETH and BTC. Currently the market is rising on news of both Coinbase and Bitcoin increasing. The market as a result has consecutively increasing by an average of 7%.
Nouvive recommends to all retail investors that albeit the market is slowly increasing, do not purchase at the top, purchase as close to the bottom as you can.
You do not want to be left with coins as they fall.
At the moment, Nouvive does not recommend investing in any ICO’s as the Bitcoin market is increasing.
Nouvive believes that Bitcoin is re-attempting to reclaim more than 50% of the overall marketcap dominance. This would have a negative effect on any ICO’s.
If you would like to have a hedge against the Bitcoin/Ethereum market, Invest in an ICO as a hedge to the market as your capital would be locked for between 1-2 Months.
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