CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Cryptos take a breather after sustained rally over the weekend

By Andrei Chirileasa

07:22, 9 August 2021

Bitcoin getting bigger
Bitcoin getting bigger again - Photo: Shutterstock

Bitcoin (BTC) and ether (ETH), the top two cryptocurrencies in terms of market capitalisation, accelerated their rally over the weekend and climbed to their highest levels since the end of May. On Monday, the rally cooled down as some traders decided to take their profits.

Bitcoin went up to over $45,000 on Sunday 8 August, for the first time since 18 May. The top cryptocurrency also briefly passed its 200-day moving average but quickly withdrew below it. On Monday morning, 9 August, bitcoin was trading around $43,500, which is still almost 50% higher than the most recent low on 20 July.

If the bitcoin price breaks above the 200-day moving average and stays there, this could represent a strong bullish signal.

Ether up 70% from July low

Ether, the native coin of the Ethereum blockchain, also had a strong week. In just five days, its price climbed from below $2,500 to almost $3,200, a level not touched since the end of May. On Monday, ether’s price was down 7.6% to $2,930.

The currency’s price is still up almost 70% since its most recent low on 20 July. Ether got a strong boost last week after the successful implementation of a significant network upgrade.

ETH/USD

3,326.47 Price
+7.800% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

XRP/USD

1.27 Price
+16.060% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

ADA/USD

0.82 Price
+2.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

DOGE/USD

0.39 Price
+1.950% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

The London hard fork made it possible to burn ether for the first time and marked an intermediary step in the network’s goal to change its validation algorithm and reduce the amount of electricity needed to operate.

What is your sentiment on BTC/USD?

98198.65
Bullish
or
Bearish
Vote to see Traders sentiment!

Crypto gains 50% in 3 weeks

The rally led by bitcoin and ether has pushed up the prices of all the major cryptocurrencies. The overall capitalisation of the crypto market passed $1.8trn on Sunday up from under $1.2trn on 20 July, according to Coinmarketcap.com. This stands for a gain of over 50% in less than three weeks.

The investors’ sentiment has also changed after this rally. The Crypto Fear & Greed Index touched its highest level since the end of April at 74, signalling that the investors are turning greedy again. This is a major shift compared to 20 July when the index was at 10, signalling extreme fear, according to Bybt.com data.

Trade Bitcoin to US Dollar - BTC/USD CFD

1m
5m
15m
30m
1H
4H
1D
1W

Read more: Ether leads new crypto rally after blockchain upgrade

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading