ALT Season Heats Up: ETH surge, BTC Whale moves & FOMC in focus
Dear Readers,
It is nice to be connected with you all after a long period of time.
The week has witnessed so good for the ALT Coins.
The ALT Coin Season Index has gone to almost 60 and now stands at 47.The major reason for this is for the past 2 weeks, there were positive inflows in the ethereum ETFs.
Blockrock only trades more than $440 million ETH ETFs.
The whales are also accumulating a lot in ETH.
If we consider the price of ETH, it is trading at $3885.
If we consider the ETH chart, the daily RSI is deeply overbought and the weekly RSI is deeply overbought region- which we can anticipate a cool down in the price of ETH.
But we compare the ETH over BTC, ETH there are much potential. There were also reports that through Galaxy Digital the Satoshi Era BTC investor cashed out 80000 BTC worth of 9BUSD which is huge.
I think they might have mined the BTC or purchased at a very minimum price in terms of few cents at that time.
They might have hold a long period of time and now they have soft with a huge huge profit.
The good news is that even though there is a high BTC sale, there is no dump in the BTC price in the market.
There are various institution players are there to observe whatever high quantum of cryptos are available.
It is also anticipated that by October the crypto markets would peak according to various analysis of the BTC halving.
Once the peak is touched, there may be a dump- but the institutional investors would absorb that in that level.
It is quite important to note that BNB has touched its new all time high of $851.98.
The money flow of the ALT Coins are generally passed BTC, ETH, large cap (like Solana, BNB and XRP) and in the final phase to the alt coins.
The FOMC meeting which scheduled by 29 July is also a highly anticipated event to watch.
Everyone is expecting whether there would be interest rate in this meeting so that the market would pump.
The US President also batting for the interest cut from US Federal Reserve.
Let's see what would happen tomorrow with the FOMC meeting!
For additional information:
- https://www.blockchaincenter.net/en/altcoin-season-index/
- https://cointelegraph.com/news/early-bitcoin-investor-sells-80000-btc-galaxy-digital