August Recovery Could Set BTC, ETH And XRP Up For A September Run
Throughout today, the markets have finally started making positive movements, off the back of what thus far has been a very positive week. Granted, as we write this things could change and by the time you get to read this, Bitcoin could be back to $6,500.00. This is the beauty of cryptocurrency though.
Also, we highly doubt Bitcoin is going to drop to $6,500.00 any time soon considering itâs current, optimistic progression.
Overall today the markets have flown high and many cryptocurrencies have made tracks back to target figures that could prove to be very fruitful in any future bull runs or surges that could take place in September.
Letâs remember that September is set to be the month of the Bitcoin ETF, with a large number of applications current in place at the United States Securities and Exchange Commission. If these SECâs are approved, Bitcoin is sure to fly, and with BTC dominance at 53%, the rest of the markets are sure to follow. Likewise though if all ETFs are rejected then Bitcoin is likely to remain vulnerable and is likely to fall as a result of the decisions.
This afternoon, Bitcoin was valued at $7,027.50, up 4.37% at the time of writing and likely to continue rising through the afternoon. Bitcoin has recently struggled at around $6,500.00 but thankfully has now climbed past this point. $7,000.00 has offered very little resistance therefore we can now confirm that finally, Bitcoin is back on the up.
Ethereum is relishing in the positive market trend too. At the time of writing, Ethereum is valued at $287.59 and is now on its way back up to $300.00 and beyond. Ethereum does have a way to go before it reaches $500.00 plus, but at least now it seems to be back on track, moving in the right direction.
XRP is now moving up through the $0.30 range, sitting at around $0.347 at the moment, up 5.79% at the time of writing. This is an especially low value for XRP, however even with this in mind XRP is once again moving in the right direction. That $3.00 target is a long way off, but perhaps September will help us move a little closer to that point? Far closer than we have been the past few months anyway.
September could well be a promising month for cryptocurrencies, though the SEC do hold the power to bring things crashing down too. Itâs going to be a risky month, a sensitive month and a volatile month. Whatever happens, itâs going to be a big one for crypto.