Blockchain and Cryptocurrency: People, Culture and Tech
According to trader and analyst Michaël van de Poppe, the zone between $30,000 and $40,000 should now host Bitcoin for the short term, as it enters a period of consolidation. This will see volatility and trading volume “drain away” on a temporary basis, he explained in a YouTube update on Friday, but eventually, strength will ignite once more and Bitcoin will race upwards again.
Ether, the largest altcoin and native token of Ethereum, came within $200 of historical all-time highs on January 7, hitting $1,228 per coin. The number one cryptocurrency by market cap behind Bitcoin, Ether has gone from strength to strength in recent weeks, long after the release of the Ethereum 2.0 protocol upgrade. Year-to-date gains alone have topped 67%.
Bitcoin is back at the top of the chart this week after leaving its sudden $3,000 crash behind—can support hold? Monday has revealed a stronger Bitcoin trading environment after the weekend—but there are both good and bad consequences.
Bitcoin saw a drop which only rivals its March crash on November 26 as selling pressure resulted in a landslide to near $16,000. Data from price trackers including CoinMarketCap and TradingView showed BTC/USD falling dramatically in Thursday trading, losing $17,000 support and bottoming out only near $16,300.
