This week, Bitcoin hit $46k after months of ranging from $30k to $39k. One month ago, no one could have predicted that it would break out from $40k. The rise of Bitcoin this week didn’t seem to be in line with the assumptions and opinions in the market. And, with the popular coin reaching $46k again, analysts are firm that BTC/USD could see a bullish trend sooner.
“We are 16 months after the halving (red line), awaiting the second leg of this bull market.”— Plan B
The launch of Ethereum 2.0 is probably one of the most awaited events in the crypto market right now. People have been talking about it until the Beacon Chain was launched in December 2020. Ethereum 2.0 has received massively support from Ethereum supporters since the Beacon Chain was released in the market. In fact, Etherscan.com recently disclosed that the total value of the staked ETH under the ETH deposit contract had reached $20 billion already.
It has been reported as well that the deposit contract in Ethereum 2.0 had hit 6.59 million ETH, which is the highest level ever recorded. The massive increase started in July when the record showed that the deposit contract has 6 million ETH. Now that the release of ETH 2.0 is near, more and more investors are putting their money into the project.
“IoTeX had a record month in July with +600% growth in wallets and network activity! Rocket.”— IoTeX Twitter
Based on the update of the protocol, there have been a couple of developments in July 2021. The first one is launching its sleek website in early July. The platform has a modern design, a better interface, and has updated details about the protocol. $IOTX has also been listed in BitMart, Bittrex, and CoinEx. These platforms are USA-compliant exchanges, which means that the token is gaining more popularity as it enters reliable and famous exchange platforms. During this month, IoTeX had the chance to conduct an expert panel with Amazon Web Services, BitMart, and Consensus Networks. The event was watched by hundreds of people.
Many investors have lost their money in the process, and most of them are hoping for the crypto to bounce back. Currently, it looks like Bitcoin is slowly rising from the fall. Recent reports showed that the large holders of crypto are starting to accumulate Bitcoin now that the price is below $50k. Transactions involving Bitcoin have reached more than $1M already, and it’s a positive sign that there could be a bullish trend sooner.
The $1M soar in transactions is two times the amount since September 2020. Since retail investors don’t usually make large transactions in the market, the soar is likely attributable to institutional investors who are within the $1M-$10 M transaction bracket.
This week, investors have been bombarded with news regarding the rise in crypto prices. Bitcoin started to break the $40k level and reached $46k this week. Ether has reached $3k as well. Now, the total crypto circulation has returned to $2 Trillion, which was the first time since the crypto corrected in May. Over the previous 24 hours, digital assets jumped by 4.6%, and over the week, an estimated amount of $400 billion was added to the crypto market.