Many traders no doubt are very happy to see the top two coins in the market hit the various marks expected of them. While the bears are not happy about the development as more funds got liquidated as the price surge happened. Bitcoin fell short of $45k but traded above $44,500 before it experienced a stronger resistance. Ether also move up to $3,100 days after the anticipated EIP-1559.
The price hike for BTC started around 12:00 UTC as the king coin surged from $43,800 to $44,600; a 4% increment in one hour. ETH rally also took almost the same time BTC did and traded above $3,100 a price correction.
The price marks the two largest coin hit is a result of a price rally that started on August 5 after ether London hard fork. Once the price surge, BTC and ETH kept increasing in value with little breaks. The price increment continues with little boost from bullish news.
One such news is the proposed bill by Ukraine to allow payment in cryptocurrency. Showing his confidence in the passage of the bill deputy minister of Ukraine’s Ministry of Digital Transformation Oleksandr Bornyakov said that it would be quite legal to pay with cryptocurrencies in Ukraine through payment intermediaries that enable crypto-to-fiat conversions.
In one analysis last month, Coinfomania stated that for now, a slip below the $30k mark is unlikely after flipped $41,000 and that it will take an intense price dip will see BTC above $35,000. The analysis concluded with then analyst hopeful that bitcoin crossing $43k. Such seller congestion to bring prices down $35k never happened and is above $43,000.
It was also predicted that the market fundamentals may improve significantly after the upgrade takes place and we may see ether enjoy a price hike that may cause its prices to surge as high as $2,700. Riding the bullish wave may ensure ETH hits $3k before the month’s end. With the $3k down the bulls are starting to eye $4,000.
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