After a pause in the momentum for a bit at the end of July, cryptocurrencies are bubbling up again now in August. Last week’s move by the Trump administration to allow for including private assets – including crypto – into everyone’s 401(K)s has definitely reignited the bulls and we’re seeing a follow through on that over the weekend.
Both Bitcoin and Ethereum are surging and staying in search of fresh all-time highs once again. For the latter especially, breaking above the $4,000 mark is a monumental step. That has been a key level in placing a ceiling on price action all through last year and even in times before.
That tees up buyers to take aim at the end 2021 highs near the $4,800 level. From a technical perspective, there’s room to run to the upside with the latest breakout here. The question is not if it will match the highs seen above but rather how far will things run on a break to fresh record highs.
The last two months have been summed up by feverish buying in risky assets despite the fact that this is a period that we usually see some cooling in momentum. This year has truly been different. This has really been the summer of crypto and collectibles. I touched upon the latter here previously.
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