Bitcoin and Ether Hit Highest Since Mid-May as Sentiment Warms

Bitcoin and Ether
  • Bitcoin gained as much as 4.1% to $44,463 on Saturday, its highest level since May 18
  • Ether increased as much as 6.9% to $3,145, gaining for a fourth day amid the Ethereum network’s London upgrade, which reduces the pace of growth in the coins

On Saturday, August 07th, 2021, Bitcoin has reached its highest value by gaining as much as 4.1% to $44,463. On the other hand, Ether has increased as much as 6.9% to $3,145 which is showing the rise of the value on the consecutive 4th day amid the Ethereum Network’s London, which reduces the growth of this coin.

As per the recent news, Bitcoin and Ether have reached their new highest in the two months after a major Ethereum upgrade. And most importantly, it’s eager to watch the rise in values despite the uncertainty of crypto rules in the U.S. infrastructure plan.

The Chief Technology Officer at Bitfinex commented on Friday that the mood of optimism appears to have returned back to the Cryptocurrency markets. He also stated that Bitcoin is leading the charge while Ethereum continues to make gains after the updation of the network. He further continued that the value increase that we have seen in crypto markets over recent weeks is unlikely to slow down.

After a setback of concerns about China’s crackdown and Elon Musk Fueled Question about the energy consumption of Bitcoin Mining, the increase in the value of Bitcoin and Ethereum has given confidence for the investors as its shows the signs of life again after pulling back significantly from record highs in recent months.

Anyhow, despite the declinations and criticism faced by Bitcoin, Bitcoins are approaching its 50- day moving average towards the market which it hasn’t touched since May 26.  Also, Ether over $3000 bloomed, after its first run above that level lasted for a couple of weeks.

Even though, the value of Bitcoin and Ethereum reaches its highest value ever since May, there is one factor that is still uncertain. The U.S Infrastructure has made some amendments that address the reporting requirements for crypto transactions and tax collection. Still, the amendments haven’t stopped the momentum in crypto, the market value of which has risen by about 10% in the past 24 hours to $1.89 trillion Other cryptos such as Binance Coins, Cardano coins & Dogecoin are also rallying with the increasing prices.

Since the cost of Bitcoin and Ethereum are increased, this is the right time for the investors to start their investment right away. To get more info, stay tuned with us!