Crypto Market Review, August 8

The cryptocurrency market is finally showing signs of a potential reversal as Bitcoin broke through the $24,000 threshold and Ethereum is flirting with the $1,800 price range that might be a pivotal point for the entire market.

Bitcoin has a way to go

Unfortunately, the breakout through the $24,000 resistance level does not mean that Bitcoin will enter a sharp rally and reach extremely high price levels, like $30,000. As for now, BTC is still moving in the consolidation range that will most likely hold on until we see a sudden spike in the flow of assets flow into the market.

Luckily, Bitcoin bounced off the lower border of the consolidation range at around $22,550 and went up. As for now, we expect a test of the upped consolidation range at around the $25,690 level. The sentiment around the cryptocurrency remains positive as the negativity in the industry caused by the Solana and cross-chain bridge solutions is gone.

For now, the first cryptocurrency could use a boost from institutional investors that would push the trading volume on the cryptocurrency market back to the March level. The spike in trading volume would be a direct confirmation of the emerging reversal rally.

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Ethereum breaks important price level

After two unsuccessful attempts, Ethereum finally broke through the important $1,800 price level, which is the main barrier for the second biggest cryptocurrency on its way to $2,000.

Unfortunately, with all the problems the market faced in the last week, Ethereum had to slow down on its way up and return to the $1,600 price level. Investors’ main fears were confined to the problems some derivative platforms faced ahead of the Merge update and the migration of the hashrate toward alternative networks.

Numerous centralized exchanges and derivatives trading platforms have presented their own solutions for Ethereum PoW tokens that will become a necessity after hard forks appear in the space.

Altcoins enter massive rallies

At least five altcoins showed strong signs of upcoming rallies on the market, as their price performance exceeded double digit gains. The most notable assets are Chainlink and Flow, which both show an impressive 11% and 13% price performance in the last 24 hours, respectively.

The main fuel of the Flow rally is Meta’s news of implementation of NFTs on Flow on the platform, so users will ‌showcase their art pieces alongside NFTs from platforms like Ethereum and Polygon.