From August 14 onwards, the crypto market has been slowly increasing in value. After the market cap hit below $200 billion, the industry has experienced several price rises. This has led many to believe that we just recently hit the bottom of the bear market. While there is no evidence to suggest this is true yet, it does certainly seem like it. Some people, myself included, have also suggested that this increase in the market cap is indicative of an upcoming bull run. Again, there is no evidence for this claim. However, one of the most important aspects of a bull run isn’t a sharp rise in price, but rather a social expectation that prices will rise in days to come.
Bull markets are as much about the movement of charts as they are about the changes in people’s attitudes and trading habits. In that sense, a visit to popular crypto forums will allow you to see just how many predictions there are regarding higher prices.
Bitcoin’s price rises briefly take it to $7,300
From September 1, Bitcoin experienced impressive price rises. One from $7,050 to $7,200, and another from $7,220 to $7,300. Since then, Bitcoin has been keeping steady at around the $7,250 area.
This positive behavior has extended itself to other coins too. Bitcoin Cash rose from $560 to $622 on September 1, and then $610 to $650 on September 2. Monero has also been experiencing some interesting movement. For most of August, Monero had been acting more volatile than usual, and it looks like this trend will extend itself into this month. On September 1, Monero moved from $118 to $122. It then moved downwards back to $118 and rose to $124. Unlike other coins, Monero has struggled to stabilize.
Some coins are having it much worse than others
In general, market activity has been good, with the exception of just a few coins. One of which is Ether, which for the most part, still seems to be in a bear market. ETH has barely recovered from August 14 when it reached $256. While other coins have been experiencing price rises, Ether has been mostly stagnant.
It is always hard to figure out why a certain coin does not follow the trends of the whole market, but ETH has always been volatile, and in many cases, it regularly strays from the pack. A prediction from one of the members of TradingView notes that Ether’s dip may suggest a positive long position, so it may not be bad news for too long.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.