Bitcoin continues to gain traction as Ethereum's all-time record

 Bitcoin continues to gain traction as Ethereum's all-time record

The market is tense today as there is disagreement among the top 10 cryptocurrencies by market cap. While Bitcoin (BTC) and Ethereum (ETH) remain dominant, the altcoins that are most correlated with the former are charting a different course for themselves today.

Bitcoin Demand Remains High, Upbeat Support For Ambitious Growth

Bitcoin's dominance in the market will not be diminished as many analysts suggest, as the leading cryptocurrency is constantly in high demand from both retail and institutional investors.

In an effort to meet this demand, US investment banking giant JPMorgan Chase & Co has applied to the US Securities and Exchange Commission (SEC) to launch an investment vehicle that will track the performance of 11 firms, including MicroStrategy and Tesla, directly or directly. indirect impact of bitcoins. The main goal of this move is to provide more institutional investors with a new opportunity to participate in bitcoins without directly owning the digital currency.

Ethereum's push for network usability and miners' protest gives a bearish edge

The high gas fees on the Ethereum network have prompted many users to abandon blockchain in search of alternative blockchains that offer cheap and fast transactions. However, most stablecoins, including Tether (USDT) and USDC, continue to use the network, helping to keep up with the planned outcome of DeFi smart contracts.

While awaiting the launch of Ethereum Improvement Protocol (EIP) 1559 in July, some Ethereum miners are protesting as the planned token burn could affect their personal profitability. Perhaps this is why the price of Ethereum is facing an obstacle on its way to surpassing the $ 2,000 psychological level.

The above daily ETH-USD chart shows the relentless battle between bulls and bears. Although the Awesome Oscillator is above zero, the price is not entirely reliable to take off as it appears to be moving away from the upper Bollinger band.

The obstacles to overcome are the $ 1,900 and $ 2,000 resistance levels, but until the bulls break out of the $ 1,800 level, the rise to these levels may still be suspended for a while. But a consistent push will put the coin back on track towards the $ 2,500 target over the medium term.

Bitcoin continues to gain traction as Ethereum's all-time record

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