Google profit

Profit taking at round levels in Bitcoin and Ether

Market picture

Bitcoin is up 5.8% over the past week to near $24,300. Ethereum jumped 14.3% to $1970. Top altcoins showed less consistent performance, ranging from -2.3% (BNB) to +12.8% (DogeCoin) over the previous seven days.

The total crypto market cap rose 5.7% over the week to $1.18 trillion, according to CoinMarketCap. The Bitcoin Dominance Index fell 0.5 points to 40.2%. The cryptocurrency fear and greed index rose to 45 on Monday from 30 a week earlier and is now poised to move from “fear” to “neutral” territory.

Bitcoin maintains upward momentum with steady but slight gains above previous local highs. Since Thursday, BTCUSD has been selling in repeated attempts to climb above $25,000. In illiquid trading on Monday morning, the price managed to climb higher but is now back at $24.5,000. Despite the futility of the bulls’ attempts to warm the price, the sellers’ surplus remains solid.

Ether has recently been above the market but has sold near $2,000 since the end of last week. Investors, many of whom are retail traders and place a higher value on round numbers, are taking advantage of the rally that has doubled the price since July.

News Background

The EthereumPoW (ETHPow) project reported codebase readiness and broad support for the future Ethereum network fork from miners, hardware makers, and the crypto community. The transition from Ethereum to PoS will take place on September 15 or 16, 3-4 days earlier than the estimated date. According to Santiment, crypto whales and institutions are buying ETH ahead of the September upgrade.

The creators of the anonymous cryptocurrency, Monero, have made another network hardfork, reducing block sizes and increasing transaction speed and privacy. Cybersecurity firm Netskope has warned digital asset owners of increasing phishing attacks using Google Sites and Microsoft Azure SEO tools.