Cryptocurrency Market News: Bitcoin and Ethereum to the moon

Here is what you need to know on Monday, July 27, 2020."

Markets:

Bitcoin and other major cryptocurrencies soared massively on Sunday. The bullish pressure also spilled into the new week with BTC/USD reclaiming the ground above $10,000. An intraday high has been traded at $10,334. A minor adjustment has pushed the price lower to $10,278 but the trend remains strongly bullish which means it is only a matter of time before Bitcoin takes down the hurdle at $10,500.

ETH/USD has followed closely in Bitcoin’s footsteps with gains of more than 4.5% on the day. The trading on Sunday was successful enough to breach the barrier at $300. Ethereum has extended the action above $300 but stalled before rising to $350. At the time of writing, Ether is doddering at $236 amid a gradually building bullish momentum.

Ripple, on the other hand, cemented its position above $0.20. In addition, the bullish wave pushed it above the seller congestion zones at $0.21 and $0.22 respectively. At the moment, $0.22 is the initial resistance following a minor adjustment to $0.2171 (prevailing market value). With the trend still bullish, a return above $0.20 lingers.

The biggest gainers among the top 100 cryptocurrencies include Elrond (46.97%), Unibright (11.86%), Bitcoin (6.34%), Ethereum (6.92%) and HedgeTrade (7.46%).  Some digital assets are also deep in the red and they include Aave (-17.09%), Compound (-11.83%) and Swipe (-16.09%).

Chart of the day: BTC/USD daily

Market:

Ethereum price rallied massively over the weekend to trade the highest price since June 2019. The second-largest cryptocurrency has been at the center of discussion in the last seven days. In just four months, Ether has added over 72% to its value from the crash to $90 in March. In addition to the price increase, miners are having a time of their lives with the network’s transaction fees soaring to all-time highs according to data released by Glassnode.

Ethereum miner revenue from fees is surging and at an all-time high (7d MA).

On the hourly chart, we're seeing that currently more than a third of the #ETH miner revenue comes from fees rather than block subsidy – up from less than 5% in April.”

Industry:

The Dash Core Group is getting ready to release another upgrade of the cryptocurrency’s protocol. The upgrade is expected by the end of August as revealed by the network. The Dash Core Group has always made updates every six weeks. Therefore, the precise release for the upcoming update is August 25.

Some of the updated features include document timestamping, great usability as well as testability. There will also be an improved distribution package and a new platform test suite tailor-made for developers.

---