Crypto Market Analysis - August 5th

 2020-08-05 11:06:14

Bexplus


Judging from the recent market performance of BTC, the poor performance of trading volume and low cumulative increase have depressed its market value as a percentage of its performance. At present, the market value of BTC has fallen back to the level at the end of June 2019. At that time, the market value of BTC accounted for 61%.

Although there are more mainstream coins that perform well, the market value of BTC has not maintained a strong share. This can be understood as the breakthrough of the key $10,000 point has been completed. However, there is still a very critical start signal for BTC to truly expand its market value. The starting point of the real bull market should be the strong rise of BTC as a breakthrough.

Reminiscent of the rising process of BTC and ETH at the end of July, the window period of BTC rising may reappear due to the soaring price of gold.

On August 4, spot gold rose above the US$2,000/oz mark, and COMEX gold futures also broke the US$2,000/oz mark, setting a record high again. On the whole, spot gold has risen by 32.98% this year, and spot silver has risen by 45.81%.

The price of gold successfully broke through the $2,000 integer price this time, which may also stimulate the price of BTC to rise.

BTC and ETH are undoubtedly the best currencies for benchmarking gold and silver, and market attention may increase again. In terms of price trends, BTC and ETH have huge volatility potential, and their intraday amplitude is much higher than that of gold. Therefore, in the context of the phased rise of gold, we need to pay attention to the possibility of BTC and ETH changes.

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