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Cryptocurrencies Price Prediction: Bitcoin, Solana & Ethereum – European Wrap 19 August

Cryptocurrencies Price Prediction: Bitcoin, Solana & Ethereum – European Wrap 19 August
FXStreet TeamFXStreet TeamFXStreet

Bitcoin price stabilizes around $58,000; bearish outlook remains intact

Bitcoin (BTC) trades around $58,000 on Monday, down 0.7% on the day and extending the consolidation phase between $57,000 and $62,000 seen in the past ten days. From a technical perspective, the bearish thesis still prevails as BTC struggles to overcome key resistance levels and momentum indicators look weak. Still, investors’ behavior and data about miners’ recent activity suggest a decline in selling pressure, providing some support to the main crypto asset.  

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Solana could make double-digit gains for three reasons

Smart contract blockchain Solana (SOL), a key competitor for Ethereum,has noted a 150% increase in its stablecoin supply, largely driven by increasing DeFi opportunities, liquidity and lending protocols and expansion of projects from Ethereum ecosystem to Solana. 

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Vitalik Buterin moves 400 Ethereum, ETH hovers around $2,600

Vitalik Buterin, co-creator of Ethereum, the largest altcoin in the crypto ecosystem, moved ETH to a crypto mixer, early on Monday. The mixer is known to effectively prevent malicious actors and protect user privacy. 

Buterin mover over $1.06 million in Ether to a new wallet address per data from an on-chain tracker. The transfer comes at a time when ETH is reeling from the crypto crash of early August.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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