Bitcoin triangle and altcoin growth
Market picture
The value of bitcoin has changed little over the past 24 hours, remaining at $34.3K - in the centre of the consolidation range of the past seven days. This ability to hold at new, much higher levels is inspiring altcoin buyers, and the market capitalisation of the entire market has increased by 0.6% over the past 24 hours.
Bitcoin is forming a triangle on the daily chart. It is generally believed that such consolidation formations end with an upward breakout. Confirmation, in this case, would be an exit above $35K.
Ethereum followed Bitcoin's lead and broke out above its 200-week MA after a few weeks below it, breaking the shorter-term downtrend. In other similar cases, we've seen some solid and sustained gains. The rebound from the drop below $1500 has confirmed a long-term broad uptrend, with the upper boundary now near $2400. The bulls are likely targeting this upper bound.
CoinShares said crypto fund investments rose by $326 million last week, the fifth consecutive week of inflows. Bitcoin investments rose by $296 million, while Ethereum investments fell by $6 million. Investment in Solana increased by $24 million.
News background
The difficulty of mining Bitcoin has reached an all-time high. According to another recalculation, it has increased by 2.34%, up 76.6% YTD to a new record of 62.46T. The average Bitcoin network hash rate at the current difficulty level is expected to be 449.68 EH/s, also a record.
Investment firm VanEck has filed an updated application with the US Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. The regulator has previously rejected similar applications from VanEck three times.
VanEck admitted that the Solana blockchain will be the first network to reach 100 million users, and the value of its SOL coin will grow from $32 to a maximum of $3211 by 2030. A conservative growth estimate is $335.
JPMorgan expects the SEC to approve many applications for spot bitcoin ETFs within the next two months.
The UN highlighted the correlation between the Bitcoin price and the network's energy consumption. The 400% increase in the price of the first cryptocurrency in 2020-2021 was accompanied by a 140% increase in the energy used to mine it.
Bitrace named popular ways to steal bitcoins. Cybercriminals use three main methods to steal digital assets: fake applications, clipboard address spoofing and liquidity fraud.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
