Bitcoin kept relatively calm on the weekend, showing a rather narrow price range of $9,500-$9,750 during the last day. At the same time, it is possible to note a rather significant growth of trading volumes by 37% to $26 bln. During the week, the benchmark cryptocurrency shows a 3% growth. The charts clearly show that the upward trend is gaining strength. However, for the time being, the price bumps into the glass ceiling at 10K, as the miners sell their assets.

Among the TOP-10 coins, Cardano (ADA) is the leader in terms of growth, adding 12% over the week, Bitcoin Cash (BCH) rose by 7%. Ethereum (ETH) failed to close the week above $250, adding just over 3%, just like Bitcoin. However, the very fact that there was no sale is good news for the Ethereum (ETH), which has been growing steadily for the last three months.

Analytical company Arcane Research showed that after halving the miners sell 5% more coins than produced to cover the cost of the production process. Balancing the market of miners can be compared with the oil market, where participants have been working at a loss for some time to maintain market share. However, unlike the oil market, mining is still free, which will eventually take weak players away from the market. This means that the path for bitcoin growth will be open only after the stop of miner's coin sale and the balancing of computing power.

After activating of halving, BitInfoCharts recorded a drop in commission for transactions in the bitcoin network by almost 80%. The network mempool is also much lighter now. Despite the shock waves after the halving, it still has a favourable impact on the network, which is a confirmation of Nakamoto's correct financial and mathematical decision.

Selling bitcoins by miners looks like a temporary price pressure factor. In this regard, it is possible that the glass ceiling can be passed through with more and more purchases from investors and traders following the recovery of demand for risk in global markets.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP