Cryptocurrency markets are bullish this Tuesday as Bitcoin price inches closer to $20k after trading sideways this Labor Day. BTC is currently trading at $19,923 and up 0.95% in the past 24 hours. Ethereum is up over 6.56% today, surpassing the $200 billion market cap and trading at $1,673. Solana is another top-performing crypto asset today, rising by over 5.86%. The global crypto market cap also surpassed the $1 trillion valuation today, suggesting that the market is turning bullish again, and we could see significant growth this week.
- The global crypto market cap is above $1 trillion, suggesting that the bulls are again entering the playing field.
- Bitcoin is inching towards $19k as dormant coin supply peaks.
- Ethereum’s network merge is coming up in eight days, and the cryptocurrency is showing significant upside this Tuesday.
- The market outlook is highly bullish this week as the tides are starting to turn.
With the bullish price action, today comes positive news surrounding BTC. Coindesk reported that a parabolic Bitcoin bull run is likely brewing as dormant coin supply peaks.
As the percent of Bitcoin’s inactive supply peaks, the data suggested that BTC could push multi-month-long bull rallies. As more coins lay dormant and essentially remain off the market, that could significantly reduce the available digital assets for sale, causing bullish price action for BTC.
While macroeconomic factors like the state of the global economy, the Fed monetary action, and the stock market price action does contribute to an overall influence on Bitcoin, there are crypto-specific indicators that could help analyze upcoming market action for BTC.
Bitcoin is trading at $19,918, up 0.92% in the past 24 hours and down 2.1% in the past week. The global market cap for BTC is $382 billion, with a 24-hour trading volume of $34 billion, an increase of 24% in the past 24 hours.
Ethereum’s network merge is only eight days away, and the crypto asset is exhibiting significant bullish momentum ahead of the upgrade.
Over 70% of Ethereum nodes are “Merge ready” as the network prepares for its most significant upgrade. The Bellatrix upgrade is one of the last upgrades required before Ethereum can successfully merge to a proof-of-stake consensus model.
According to a recent report from Cointelegraph:
“The Bellatrix upgrade is seen as one of the last necessary steps prior to the official merge, which will see Ethereum transition to a proof-of-stake (PoS) consensus mechanism between Sep. 10th-20th.”
While Ethereum nodes need to stay updated with the latest upgrades and developments relating to the merge, Ether users don’t need to do anything during the merge. Users should be on the lookout for scams as they might ask holders to transfer funds to shady wallets or services, which should be avoided.
It’s best to leave your Ethereum in your current wallets over the next several weeks to ensure a smooth network transition.
Ethereum is trading at $1,672, up 6.43% in the past 24 hours. Its market capitalization is $204 billion, with a 24-hour trading volume of $18 billion, up 80% in the past 24 hours. The significant increase in trading volume is a highly bullish sign for Ethereum, which will likely continue to rise this week.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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