Bullish momentum within the crypto market revved up on August 20 as Bitcoin (BTC) rose to levels last seen since May 16, climbing to highs of $49,081. Bitcoin bulls had managed to cling onto the $44,216 support to begin a gradual upside move on August 18 as recent market developments helped boost Bitcoin’s price.
First, Friday’s $600 million Bitcoin options expiry call-to-put ratio favored the neutral-to-bullish call options as data reflects 7,838 Bitcoin call options were stacked against 5,465 put options. Second, Wells Fargo, one of the oldest banks in the United States, has become the newest member of a list of growing financial institutions to offer its wealthy clients indirect exposure to Bitcoin, thus filing for a Bitcoin fund.
Further boosting the market is the news of Coinbase updating its investment policy to increase investments in crypto assets. Coinbase Exchange stated On August 20 ”We have committed to invest $500 million of our cash and cash equivalents into a diverse portfolio of crypto assets. Going forward, we will also allocate 10% of quarterly net income into this same portfolio”. On the other hand, Bitcoin bulls ignored the news that Binance Exchange will limit services for existing users unless they adhere to the new KYC and AML requirements.
The Altcoin market picked up momentum significantly as Bitcoin’s price drive translated into a wave of green candles from Altcoins. At the time of writing, Harmony (ONE, +10.71%), Avalanche (AVAX, +16.54%), Helium (HNT, +16.39%), Reserve Rights (RSR, +20.99%), Energy Web Token (EWT, +16.39%), Syscoin (SYS, +50.85%), Livepeer (LPT, +23.02%), Safemoon (SAFEMOON, +22.06%), Coin98 (C98, +38.73%) were posting significant gains.
BTC/USD Daily ChartBitcoin was trading up by 4.13% on the day at $48,893, while Ethereum traded at $3,253.
Bitcoin (BTC)
Crypto analyst Michaël van de Poppe, believes a breakout from $48,000 could lead to another upward impulse move, stating:
“I think we’re going to have a squeeze all the way up to $55,000–$56,000, the next level that we have here.”
Cardano (ADA)
Cardano (ADA) rallied to fresh all-time highs of $2.58 on August 20 to claim the 3rd spot in cryptocurrency ranking by market capitalization. It would appear the “Alonzo” upgrade, scheduled for September 12 launch is having a significant impact on investor sentiment.
Prominent Twitter analyst Kaleo believes more upside gains are likely for Cardano in the medium term, stating “In a world where BTC is $100K+ and ETH is $10K+, Cardano pulling a BTT wouldn’t surprise me.” It should be recalled that BitTorrent (BTT) grew nearly 1000% from $0.001 to $0.01 between March and April of this year.
Safemoon (SAFEMOON)
Safemoon recently announced the launch date of its upcoming wallet scheduled for August 28. Other notable developments surrounding SAFEMOON include the bridge to WAX and EOS cryptocurrencies.
Although the dates are not yet disclosed for this, a Twitter post may suggest the launch may take place in September. Analysts predict a 100% increase for SAFEMOON price in the near-medium term, expecting that these developments will impact the price.
At the time of post, Safemoon traded at $0.000002102.
Web 3.0 Tokens: Helium (HNT), Livepeer (LPT)
Some cryptocurrency traders are speculating that digital assets associated with visions of a Decentralized Internet, referred to as Web 3.0 tokens might be the next hot market bet. Notably, digital assets in this category like Livepeer (LPT), Helium (HNT) have soared in value recently.
Livepeer offers a marketplace for video infrastructure providers and streaming applications, while Helium uses blockchains and tokens to incentivize consumers and small businesses to provide and validate wireless coverage and transfer device data over the network.
Speaking on Helium, Twitter analyst Kaleo says “Time to start paying attention to HNT again. A project I’ve been paying attention to for several months that finally looks ready to make a move higher. Solid fundamentals…+ growing network + bull market = price discovery.”
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