On August 8, the price of the main cryptocurrency (Bitcoin)for the first time since mid-May exceeded $ 45 thousand.
What does this mean for the crypto market and can the digital coin continue to grow in the next seven days.
On the morning of August 8, Bitcoin for the first time since mid-May exceeded the $ 45 thousand mark.
Over the past week, the main cryptocurrency has risen in price by 10%. On August 8, the digital coin is trading at $ 44.6K, and its capitalization reached $ 838 billion, according to CoinGecko. experts predicted what will happen to the crypto market in the coming days.
Active movements
The breakthrough by bitcoin of the $ 45 thousand mark gives every reason to believe that the market is entering a new bull cycle, says Maria Stankevich, Development Director of the EXMO crypto exchange.
Stankevich also noted Ethereum, the rate of which rushed up and for the first time in two months reached $ 3.18 thousand amid news of the successful implementation of the London hard fork .
Upward trend
At the moment, there are already factors that contribute to the growth of bitcoin quotes, said the head of the data analysis department of CEX.IO Broker Yuri Mazur.
As an example, he cited news about investments in the main cryptocurrency (Bitcoin) of SpaceX and the integration of a digital coin into the social network Twitter.
Also, the bullish sentiment of the entire market is facilitated by the successful release of the London hard fork on the Ethereum network, which launched the mechanism of burning digital coins, the analyst says.
According to the service ultrasound.money, which tracks the burning of coins on the Ethereum network, more than 13.4 thousand coins ($ 41.9 million) were destroyed on August 8.
Burning tokens is the destruction of a certain number of tokens to reduce their number in circulation.
This method is used to combat inflation and increase the value of cryptocurrencies. All coin burning operations are recorded on the blockchain as a transaction, so anyone can verify that the coins have been destroyed.
The upward trend may continue, as the negative background created by global regulators and the PRC authorities in relation to digital assets is gradually softened by positive news, Mazur is sure.
“We are seeing a gradual release of altcoins from being tightly linked to BTC quotes.
This trend will be observed the stronger, the more the share of BTC in the total capitalization of digital assets is diluted, ”the expert added.
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