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

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

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.

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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. 

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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.

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