Cryptocurrencies Price Prediction: Bitcoin, Ethereum & Compound – European Wrap 7 August

Bitcoin rebounds to $57,000 as on-chain data shows institutional investors remain in market despite recent decline

Bitcoin's (BTC) price is recovering its initial weekly losses, trading 1.2% higher at $56,666 at the time of writing on Wednesday after a 7% drop on Monday. The recovery move is bolstered by Metaplanet's announcement of a $69.13 million investment in Bitcoin and on-chain data indicating that institutional investors remain steadfast despite recent declines. However, technical analysis and market conditions suggest that the broader downward trend could resume in the coming days.

Three signs that Ethereum could rally 20% after Monday’s crypto crash

Ethereum (ETH) on-chain metrics show signs of potential gains in the second-largest cryptocurrency by market capitalization. Ether has noted a spike in active addresses, a capitulation, and negative MVRV, indicative of a recovery in ETH’s price in the coming days. 

Solana partners with Anchorage Digital to introduce custody support for SOL-based tokens

Solana's (SOL) price has been consolidating within a symmetrical triangle pattern since May, signaling uncertainty among investors. On Wednesday, SOL rises by  5.5% to $154.10 at the time of writing, reinforced by Solana's partnership with Anchorage Digital to provide custody support for SOL blockchain tokens, signaling positive momentum in the coming days.