The wider crypto market has opened the August month on a bearish trend as major cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano and others are flashing red. Currently, this has pulled back the global crypto market by 0.94% over the last 24hrs
The world’s largest cryptocurrency by market cap, the price of bitcoin, has fallen by over $23,000 in the past 24 hours of trading.
On July 30, 2022 Bitcoin price claimed $24,650, not seen since June 13 and in the month of July alone the currency has gained almost 27%. This gain is considered as one of the best surges since October 2021. Meanwhile, even Ethereum has spiked 70% in the month of July.
Do Altcoins Succeed Bitcoin?
A crypto analyst known as Crypto Tony claimed that altcoins are performing much better when bitcoin and altcoins are compared with each other, while bitcoin is full of selling pressure. The analyst further adds that although the cryptocurrency has entered a recovery phase, this week could be a consolidation week.
It’s just not Bitcoin price, even the currency’s trading volume has been pulled by 14% positioned at $23.2 billion. Along with this, the flagship currency’s dominance has also plunged by 0.27% over the last 24hrs.
Subsequently, the analyst claimed that he is expecting a breakout from the current trend and also said that the trend will remain low as long as Bitcoin does not trade below $24,000.
Important Facts For Bitcoin Price
Another analyst and trader, tedtalksmacro has a few facts in his analysis on which Bitcoin is set to trade this week. As per the analyst, the ISM and July’s US employment stats are about to be released this week. The Fed’s further process will be dependent on these data.
The ISM is nothing but the US economy made up of jobs and stable prices and will influence the Fed’s monetary policy. As per the expert prediction, the price of bitcoin will increase when the ISM index goes lower.
