Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Compound – European Wrap 31 July
Bitcoin price struggles at $66,000 amid Mt. Gox transfer concerns
Bitcoin (BTC) stabilizes around $66,000 on Wednesday after missing a close above $70,000 on Monday. Lookonchain reported that US Spot ETFs received inflows of 2,129 BTC worth $140.33 million, a whale acquired 1,300 BTC valued at $85.56 million from Binance, and Mt. Gox continued its creditor payments by transferring 47,229 BTC worth $3.13 billion to three unknown wallets. Additionally, Tron Founder Justin Sun urged China to adopt Bitcoin in post in X (formerly Twitter).
Ethereum trumps Bitcoin in BlackRock ETF inflow, eyes double-digit gains
Ethereum (ETH) hit its 2024 peak of $4,093 on March 12, and since then the altcoin has consolidated under this level. After weeks of struggling to make a comeback above key resistance at $3,500, Ether is primed for a recovery, per on-chain data.
Compound price poised for 20% rally following positive on-chain data
Compound (COMP) price is encountering resistance at the 100-day Exponential Moving Average (EMA) at $53.84. As of Wednesday, it trades slightly lower by 0.8% at $52.3. Meanwhile, rising daily active addresses and open interest in on-chain data suggest a bullish move may be imminent.
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