Ethereum was also well bid above $3,000 at the time of this report. And is up 21% over the past week compared with an 18% rise in Bitcoin during the same time.
Bitcoin next resistance
Forward returns tend to be bullish for Bitcoin after a successful break of the 200-day moving average. Technical charts show the next resistance will be around $50,000 to $55,000.
The “kimchi premium,” which shows the difference between Bitcoin’s price on South Korean exchanges and the current rate on other global trading venues, is at a six-month low, based on data from CryptoQuant.
This time, the “kimchi discount” might reflect a significant reduction in South Korean trading activity because of regulatory crackdowns.
At the beginning of this year, South Korea passed comprehensive cryptocurrency laws. Which it provided a structure for the legalization of crypto exchanges. In June, nevertheless, South Korea passed new legislation to enhance the supervision of cryptocurrencies. Banks have been unwilling to partner with crypto exchanges amid increasing concerns about regulatory crackdowns and the financial risk of stablecoins.
Digital asset fund
The market share for Ethereum, the native cryptocurrency of the Ethereum blockchain and the second-largest overall after Bitcoin by market cap, is increasing so fast and now shows 26% of all digital investment products, compared with just 11% at the beginning of the year.
However Bitcoin has also seen positive price movements in the last few weeks. The cryptocurrency went on to bear the brunt of the outflows, totaling $33 million last week.
Ethereum implied volatility
Bullish sentiment is growing in the Ethereum options market as call volumes increase relative to put volumes. Option traders are pricing in a roughly 30% chance of ETH trading above $3,500 by month’s end.