The trader named the main catalysts for growth in the cryptocurrency market
A crypto trader with the nickname Light named two key factors that caused the rally in the cryptocurrency market
Earlier, he said that cryptocurrencies could initiate a rally, but they lacked a narrative:
"Now the market lacks a viable narrative. Although there is one desire - to return the lost. Disbelief will be overcome as soon as the opportunity arises."
But currently, the announcement of the date of the merger on the Ethereum (ETH) network, along with a relatively calm macroeconomic background, gives crypto banks the energy to initiate a rally:
"It became obvious that the fact of the merger in the Ethereum network eliminated the disadvantages of the lack of narrative, and the calmness in the macro markets opened the way for a return to cryptocurrency-specific drivers"
On July 15, Ethereum developers released a schedule for a large-scale update that will help solve problems with the scalability of the network. Since the low of 2022, the ETH exchange rate has increased by more than 70%.
Light noted that the high performance of Ethereum over the past week has encouraged traders to take on more risk, and this could lead to a further rally as others try to catch up or spin their capital.:
"The shortists had a few days to get out. There is no reason to short when we see what ETH has done. The top asset made 40% and provoked a desire for risk, that is, people thought about a possible increase in the rates of crypto assets, which led to new capital flows"
Compared to the annual minimum of about $17,600, the BTC exchange rate has increased by more than 30%
Subscribe to the channel coin-signal.com in Telegram - always the latest news and market overview
https://coin-signal.com/cryptonews/the-trader-named-the-main-catalysts-for-growth-in-the-cryptocurrency-market/
#Catalysts, #Cryptocurrency, #Cryptonews, #Growth, #Main, #Market, #Named, #Trader
#CryptoNews