Crypto Is Cruising Higher. Here’s What You Need to Know …
The crypto markets have made big moves this week! With Bitcoin (BTC, Tech/Adoption Grade “A-”) now up 34% from its July 20 low to rest just under overhead resistance, all those bears are getting burnt.
Not that we celebrate the misfortunes of others, but the bears should have looked a little closer to the fundamentals to know the bull run was far from over.
I’m glad to see our readers were smarter, as evidenced by this tweet being one of the more popular ones for the week:
After a dramatic short squeeze that killed the majority of the bears, #Bitcoin is testing resistance of $41,000.
— Weiss Crypto (@WeissCrypto) July 28, 2021
But Bitcoin isn't the only asset bringing in bullish sentiment:https://t.co/7NJEfew4ze
But it wasn’t our most popular post. And neither was our reporting on a bullish development with The Goldman Sachs Group, Inc. (NYSE: GS).
Goldman Sachs filed an application for crypto-related #ETF. This fact alone makes it that more likely for an ETF to be approved. This could be the next narrative to push $BTC to an all time high.
— Weiss Crypto (@WeissCrypto) July 27, 2021
Sure, it garnered a respectable amount of interest. And GS adding a crypto-related exchange-traded fund (ETF) is very bullish, indeed. After all, the wave of institutional investors is part of what makes this bull run different from previous ones. It can take BTC to new levels and, when BTC is overleveraged, that capital is likely to find its way over to promising altcoins.
Sam Blumenfeld and Alex Benfield have made the argument that the sector most likely to benefit from this is decentralized finance (DeFi).
But based on our most popular tweet of the week, you’re most bullish for Cardano (ADA, Tech/Adoption Grade “B-”), and are ready to see mainstream adoption of this altcoin.
With all of the work that the #IOHK team is doing to bank the unbanked and help third world countries adopt #ADA it would no be no surprise if Cardano becomes a household name.
— Weiss Crypto (@WeissCrypto) July 26, 2021
ADA has bounced off of its July 20 low and risen 20% in the past week. Better yet, it has an upcoming upgrade that should send prices even higher.
Cardano is about to release smart contracts on its blockchain, and we already know by way of Ethereum (ETH, Tech/Adoption Grade “A“) what a smart-contract ecosystem is capable of accomplishing.
It’s refreshing after weeks of consolidation, bearish sentiment and fear, uncertainty and doubt (FUD) to finally see positive price action.
It’s important to note that despite the recent market moves, we still need a spark to ignite the next “parabolic” phase if this bull run. After all, while Bitcoin is trading at the top of its two-month range, it’s still trading in that range. We’re looking for a breakout above the top end before we can look ahead to the next resistance level.
Our team is keeping close watch on the markets and will let you know when things start heating up even more.
Until then, stay safe and trade well.
Beth Canova
Managing Editor
