advertisement

Ravencoin, HOT, Ergo, Prometeus Surge As Bitcoin Rallies Past $43K; Here Is What Analysts Think

Altcoin

Bitcoin rose to fresh multi-month highs on August 6 as bulls staged a rally that lifted the price of BTC to $43,399, its highest level since May 19. Bitcoin’s price rise comes amid new crypto regulation developments.

First, a new cryptocurrency-related bill in Ukraine will allow payments in cryptocurrencies like Bitcoin (BTC) despite not recognizing crypto as legal tender, a government official claimed. The bill stipulates that local payment processors would still be able to provide services for converting crypto to fiat to enable payments deriving from crypto.

Second, efforts are currently underway from pro-Bitcoin senators and the crypto industry to change the United States tax bill’s phrasing, which could hurt Bitcoin (BTC) and crypto holders. According to new estimates, the proposed Infrastructure Bill currently under discussion in Washington would pile on an extra quarter of a trillion dollars in debt.

Concerning Bitcoin’s surge to $43k, cryptoanalyst, RektCapital ecstatically stated ”Welcome back to $43,000 #BTC…We’ve waited months for this”

Across the Altcoin space, the majority of tokens were seen trading in green though slightly underperforming Bitcoin. However, selected tokens such as Ravencoin (RVN, +38.09%), Holo (HOT, +18.66%), Ergo (ERG, +39.24%), Prometeus (PROM, +10.18%) were seen posting significant gains.

HOT’s recent climb comes amid news that users will now be able to seamlessly trade the token across Orion Pool, CEXs, and DEXs, in which the order will then be routed to the liquidity source with the best price. HOT was trading at $0.0077 at press time.

Ravencoin, an open-source project whose protocol is a fork of the Bitcoin code climbed to fresh highs in its BTC and USD pairing. Cryptoanalyst, Rekt Capital who noted the price recovery earlier stated as regarding the RVN/BTC standing ”RVN is enjoying a strong recovery, That said, it’s important to realize that this red area may be a higher timeframe resistance. Bullish bias if RVN is able to turn the top of the red area (0.00000220) into support, however.”

Here Is What Analysts Think

Some analysts are optimistic about the broad crypto rally and see further upside, especially for Ethereum. Cryptoanalyst Rekt Capital noted ”Out of the past 17 Daily candles for $ETH…16 of them were green”.

However, for Bitcoin, bullish expectations of a potential new golden cross continue to mount as the crypto analyst stated:

”Recent bullish price action for #BTC means that a potential new Golden Cross is less than two weeks away. $BTC needs to hold these highs or even rally higher for a new Golden Cross to occur in mid-August”

On the flip end, traders remain of mixed opinions on the market impact of the proposed infrastructure bill once passed, with crypto trader @Pentosh1, believing that Bitcoin will surely overcome.

If Bitcoin continues to rally, will this stuff live out of Altcoins? Crypto analyst and trader, Michael van de Poppe believe Altcoins will not stop moving as the Bitcoin dominance continues to lag, stating:

”The #Bitcoin dominance is ready to break out south (yes, we can have a small relief here if #Bitcoin is going to continue moving, but you’ll get the point). Meaning, #Altcoins will continue to be moving”.

Despite the recent climb past $43k, Bitcoin dominance held steady at 46.2% while Ethereum dominance stood at 19.6%. Bitcoin was seen trading at $42,720 as of press time.

Image Credit: Shutterstock

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.