The BTC prices traded in a buoyant manner for much of the day yesterday as the strong bullish trend continues to have a grip over the markets in the short term. There was not much progress in the other cryptos but the BTC market continues to show strong signs of bullishness and if this continues, the initial target of $8000 would just be a matter of time. There continues to be a lot of developments from within the blockchain and crypto space and this is beginning to make many of the investors, both small and big, optimistic about its future and it is also making many of the regulators accept the fact that it is here to stay.
BTC Prices Above $7700
The prices are now trading comfortably above the $7700 region which shows that the bulls are in control and the more the time that the BTC prices trade above the $7000 region, the more confident would the bulls become and it will also encourage those on the sidelines that this is something that they should also be involved in and it is likely that they would be tempted to move over into the market and this is only likely to increase the demand in due course of time and lead to more buying and this is likely to then push the prices higher.
The ETH market continues to struggle to pick up any sort of momentum over the last few days. The prices continue to flounder around the $450 region as the crypto feels the heat from the other tokens and coins and networks. It is likely to continue to be under pressure and this is probably going to be the biggest challenge that the ETH network has faced since its inception.
Looking ahead to the rest of the day, we expect the pattern to continue to hold with the BTC market looking buoyant and trying to continue to move higher and the ETH prices continue to struggle with the doubts, uncertainties and the increasing competition.
This article was originally posted on FX Empire