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Bitcoin Breaks $9,500 As Ethereum Smashes $250

July 23, 2020 at 17:09 by Matt Jackson

Bitcoin has broken through the $9,500 mark for the first time in a month, but it is Ethereum that has set the cryptocurrency market alight today, rising over 10% and smashing through psychological resistance at $250. The second largest cryptocurrency is currently trading at over $270.

Bitcoin started the week at just above $9,200 and it looked set for another languid week after falling to $9,160 by the end of Monday, July 20. Fortunately, previous resistance at $9,000 flipped to support and the world’s largest cryptocurrency has posted gains in the days since, adding $230 to its price on Tuesday and a further $150 on Wednesday, pushing it above the $9,500 mark. Facing some resistance at this level, BTC price fell back earlier today, but bulls have galvanized their efforts and the currency is now trading at a price of $9,560. Bitcoin opened July trading at $9,135 and is trading 4.5% higher at its current rate, 2% up for the day.

However, Bitcoin’s modest daily gains have been outdone by Ethereum. The cryptocurrency, which started the year at $130, has now more than doubled its value and has spent this afternoon trading between $265 and $275 on various exchanges. Its $30 gain on the day is equivalent to a 12.5% price increase, and holders will be hoping that $250 will act as support while ETH pushes on to challenge the $300 mark. The most recent pump came after founder Vitalik Buterin warned that Ethereum’s success has led to a significant hike in transaction fees. Fees have increased tenfold this year, and are at their highest rate since early 2018. Buterin also warned that this could lead to a decrease in security for the token.

Despite this, it was recently reported that a number of Ether whales transferred nearly $200 million in the currency onto exchanges and away from wallets. This is usually seen as a sign that there will be a pump in prices, and the market duly obliged. Ethereum has enjoyed positive moves over the past few weeks, driven by the DeFi token phenomenon that saw the likes of Compound and ChainLink enjoying significant gains. DeFi tokens are built on the ERC-20 protocol, which means that a significant move can subsequently lead to strong gains for Ether prices, too.

Elsewhere in the cryptocurrency market, Ripple’s XRP has gained nearly 5% in the past 24 hours, passing a price milestone of its own. The coin is trading at $0.209, having broken the $0.20 mark earlier today. However, XRP has struggled at this point several times over the past few weeks, so it remains to be seen whether it can hold the mark or whether it will fall back below this significant price level.

Other significant movements have been made by ChainLink and Maker, both of which have added more than 5% to their prices today. The only significant non-Tether coins that have lost money today are Ontology and NEM, dropping less than 1% each, and Aave, which has shed more than 6% from its price.

At 18:00 GMT, Bitcoin (BTC) prices are up 2.11% at $9,551.45 while Ethereum (ETH) has added 13.39% to its price. The currency is now trading at $277.32. Ripple (XRP) is changing hands at $0.209, having added 4.9% to its price. Bitcoin forks, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are both up, adding 3.53% and 5.29% to their prices and trading at $240.29 and $185.46 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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