This Week Could Be A Turning Point For Bitcoin, Cardano And Ethereum

2022-07-14 | Selina Mathew

This week could be the week when bitcoin, Cardano, and Ethereum make big moves. All three coins have been in a holding pattern for much of this year, as uncertainty hangs over their price. But this week could mark a turning point where we see one coin rise before the others.

The Bitcoin price hit a new all-time high

The cryptocurrency fell sharply after the U.S. Bureau of Labor Statistics announced that inflation rose at a 2.0% rate in June, the highest since 2011.

Following unexpected inflation data, the Fed ratcheted up its inflation control game and pushed the key rate to 0.75%. This caused an immediate 10% crash in Bitcoin's price. The BTC/USD pair has been forming a descending triangle pattern since mid-June when it formed an upward sloping trend line from $5,900 to $6,400.

In the past week, we have seen a lot of positive news from the Bitcoin community.

The leading cryptocurrency by market cap has been receiving quite a bit of attention from major news outlets and investors. In fact, the second largest cryptocurrency by market capitalization has been on an upswing since July 5 when it dropped to $17,700. The price of BTC started to surge again after South Korea announced that it would be allowing more exchanges to trade bitcoin as well as other cryptocurrencies.

BTC/USD 1 DAY PRICE CHART - COINMARKETCAP.COM

However, despite these positive developments, we must keep in mind that there are still risks associated with Bitcoin and other cryptocurrencies like Ethereum (ETH). As such, investors should be cautious when trading in this volatile market.

Ethereum, Cardano, and others are seeing a dip in price.

The lack of inflows into Bitcoin ‌affects alternative coins like Ethereum and Cardano which are losing around 10% of their value in the last two days.

ADA/USD 1 DAY PRICE CHART - COINMARKETCAP.COM

The price of Cardano is down 7.76% against Bitcoin and 9.54% against USDT at press time on July 11, according to CoinMarketCap data. Meanwhile, Ethereum’s price has dropped by 4.32%. The trend comes at a time when the cryptocurrency market is seeing a negative trend due to a lack of inflows into Bitcoin.

ETH/USD 1 DAY PRICE CHART- COINMARKETCAP.COM

Takeaway

As we move forward, hopefully, the cryptocurrency market will continue to rise. For now, though, it seems that most cryptocurrencies are just stalling around their current levels.

Bitcoin's drop below $7000 is a little troublesome and there's no guarantee that it will increase anytime soon. Still, Bitcoin's dominance is also dropping, so this may not be a big issue in the grand scheme of things.

The weekend may bring some positive price changes for many cryptocurrencies as well, so the week ahead remains optimistic until further notice.

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