According to the expert analyst in crypto assets of the eToro investment platform, Simón Peters; A notable change in trend could be taking place in the cryptocurrency market.
Given the the sector was largely flat relative to the sharp declines seen by tech companies in the traditional equity sectorPeters believes that there are signs of a possible change in trend, although he stresses that it is too early to tell.
For the analyst Price resistance has become a growing note in bitcoin and ether since June, as correlations appear to have become somewhat decoupled between equity and crypto-asset pullbacks.
“Bitcoin saw a rally early last week that took it above $20,000 on Tuesday, where it continues to hold its level this morning. The crypto asset briefly sold off on Friday to below $20,000, but has since traded back around $20,300 this morning.
For its part, Ether experienced a similar price change, reaching above $1,450 on Tuesday. However, she has gone even higher, trading above $1,500 in the latter part of last week, and currently above $1,560”Peters highlighted in a report sent to Cointelegraph on Monday.
On the other hand, the analyst highlights the strong upward movement that the price of the Dogecoin cryptocurrency has had since the news about the purchase of Twitter by the millionaire Elon Musk was echoed.
“Musk’s rebound has pushed the price back above $0.125 for the first time since May this year,” the eToro analyst highlights.
This rebound has allowed Dogecoin to catapult in the general ranking of crypto assets by market capitalization to the sixth position, placing it ahead of Cardano recently.
Hong Kong embraces crypto assets
Simon Peters’ analysis highlights the recent change of direction made by the Hong Kong administration on digital assets, describing them as a “dynamic sector and ecosystem”, while outlining plans to create conditions that promote innovation in the sector such as it has recently happened in the EU, the UK and the US.
Finally, the news that circulated last week about Google Cloud’s launch of a ‘blockchain node engine’ is highlighted.
Simon considers that Google’s intention to allow node hosting on Ethereum to help developers focus on producing dApps without straining the data and energy intensive process that node hosting requires, is a big step towards development. of the web3.
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