Bitcoin and Ethereum rise by 4% and 6% today as the cryptocurrency market is waking up this week and showing signs of life. After a relatively flat performance last week, Bitcoin is starting this week on the right foot. Whether this is a beginning of a bull run is early to tell, but the uptrend is causing a significant increase in trading, with BTCUSD’s volume up 51% and ETHUSD up 34% today.
Key Points:
Bitcoin’s bull rally started late last night, as the cryptocurrency broke through the $23.4k resistance and managed to peak at $24.2k early Monday morning. If Bitcoin can break through the $24.5k resistance, it would mark the highest price the cryptocurrency achieved this month, causing additional bullish momentum for its market.
3M BTCUSD // Source: CoinMarketCap
Looking at the three-month chart, Bitcoin still has a long way to go to break its 3-month high. However, if BTC approaches the $30k level, FOMO will increase significantly, and we could hope for a potential bull market reversal.
While Ethereum’s hype is about the upcoming network merge in September, Bitcoin’s lightning network is yet another elegant scaling solution for BTC that could propel the digital asset to new heights.
According to a recent report from Coindesk, Bitcoin’s dominant scaling solution continues to grow despite a challenging bear market. Bitcoin’s lightning network already boasts over 100 apps spanning 20 categories. Moreover, as the Lightning Network has been integrated into Cash App, its user base shot through the roof in Q1 2022.
Bitcoin Lightning Network’s potential user base shot from roughly 100k to over 80 million in a few months. In addition, the number of exchanges integrating Bitcoin’s lightning network continues to grow and could contribute to mass adoption of the scaling solution by the end of the year.
As the most-valued cryptocurrency on the market, as Bitcoin’s lightning network is integrated into wallets, services, and exchanges, that could substantially increase adoption for BTC, ETH, and other digital assets and drive the crypto market out of the bearish hole.
While the minor uptrend this Monday is hopeful, and the sharp increase in trading volume suggests intensifying momentum, it’s far too early to tell whether BTC will break through the $30k resistance level anytime soon.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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