With Bitcoin breaking back up the $50,000 level again on September 2, the locked positions for BTC-pegged tokens have risen to a new historical high at more than $13.7 billion, according to DeBank, sending market mood into another upward spiral. Recently, blockchain concepts such as NFT and meta-universe have shown explosive growth, and coins derived from ETH and NFT also gained significant market attention. Such trends, coupled with Bitcoin breaking out of its downward channel, will significantly change the future market.
Experience shows that the most significant feature of speculative markets is that price movements are not dependent on changes in value but are driven by market sentiment and funding. The inflow of money and optimistic sentiment will drive the price of digital currencies up to some extent. El Salvador announced that it would officially adopt Bitcoin on September 7. Other governments have also been supporting the development of digital currencies, and major mainstream traditional companies have been holding positions in digital currencies to improve their asset allocation. These positive market signals have fully ignited the confidence of cryptocurrency holders.
After surpassing $50,000 on August 23, BTC encountered mild volatility and even fell back somewhat before hitting the current level. The upward trend is expected to continue in September. Those who had been waiting for further corrections may have missed out on the opportunity to buy low.
BTC: The price has revisited MA20 in the past few weeks, showing a return after breaking the line on May 19. Due to the prior plunge, the average line has been kept going down but may begin to rise as a result of the recent market sentiment. In the short run, Bitcoin may attempt to break the 51000-52000 pressure level. If succeeded, it may further challenge the 55000 level.
ETH: Impacted by the London Hard Fork upgrade, Ethereum is no longer independent of the broader market trend since the end of July. Since hitting $3,000 again on August 7, Ether has weakened gradually, adjusting and oscillating between $3,000 and $3,300. The former NFT segment has seen more demand for ETH than the 2018 ICO and joined the market trend on August 31, touching $3,800 after steady growth. Investors largely remain bullish on the future development of coins in the Ether ecosystem.
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