Bitcoin price analysis
It seems that much of the cryptocurrency space is just waiting Bitcoin’s next big move. The market didn’t move much on Tuesday, with much of the Top 10 swinging sideways with minimal losses or gains.
Bitcoin [$35.983] it is -1.88% in the last 24 hours at the time of writing and is teasing bears and bulls by anticipating BTC’s next move.
Those who hold BTC for the long term will find solace in the chart below BTCINVESTING on TradingView illustrating how the second half of 2021 could unfold.
The daily range for BTC is $ 35,663- $ 37,836. The 7-day LOW is $ 34,775 and the HIGH is $ 39,406.
BTC has recorded a trading volume of $ 33.3 billion in the past 24 hours and boasts a market capitalization of $ 672 billion which constitutes 40.1% of the aggregate market capitalization.
The gap between the dominance of Bitcoin [40,8%] and that of Ethereum [17,9%] is 22.9% for the largest market capitalization in the entire cryptocurrency space.
Bitcoin’s price closed on Tuesday at $ 36,691.
Matic continues to be one of the hottest projects in terms of price and popularity it is also showing up in Google trends, with its continued presence in first searches across the cryptocurrency industry.
Polygon is -1.8% in the last 24 hours at the time of writing and bounces off the support at $ 1.80.
Matic’s daily range is $ 1.8- $ 1.97. The 7-day LOW is $ 1.69 and the HIGH is $ 2.22.
Tuesday’s candle closed at $ 1.82 and Matic recorded a lower close than Monday [$1,87].
Matic recorded a + 8,078% in the last 12 months.
With so much speculation about layer-2 and sidechain solutions for ETH’s scalability issues abounding lately, Matic has certainly been a major player recently and the price has reciprocated.
It will be interesting to see how the launch of Arbitrum last week contributes positively or negatively to the price of other projects designed to scale Ethereum. Ethereum gas costs have been on a downward trend recently.
The graphic The three-month period above illustrates the decline in gas prices since the recent peak in May on the Ethereum network.