Bitcoin Hovers Near 20k as Ethereum Classic and Bitcoin Cash are Deadlocked
Bitcoin is consolidating after sky high inflation
Bitcoin has been showing signs of strength despite the market selloff. Many influencers and "trading experts" have been predicting a move to $15,000, but this has yet to happen. Bitcoin briefly touched $19,000 this morning, but rebounded instantaneously to a level of $19,500.
This indicates that traders placed buy limit orders at a floor of $19,000. Despite a recent higher-than-expected core inflation reading of 9.1% for the US economy, Bitcoin appears to be consolidating. The fact that Bitcoin is now performing better than tech stocks, which it has been trading in near lock-step to for months, is a bullish indicator.
Ethereum Classic battles it out with Bitcoin Cash
A few weeks ago, Ethereum Classic surpassed Bitcoin Cash in market rank, indicating to investors that there is more value in the Ethereum Classic ecosystem. Now, the forks of their respective origins are essentially deadlocked, with only $2 million in market cap separating them.
In late June, Roger Ver, the largest Bitcoin Cash investor, was reportedly in $41.5 million of debt with crypto exchange CoinFlex. Ver has since denied the claims, but the market appears to have spoken.
In addition to these Bitcoin Cash woes, Ethereum Classic is seeing a rapid expansion in it's DeFi ecosystem, with the first ever two dexes, ETCSwap and Hebeswap, being launched in the last year.
Despite a few months of decreasing hashrate, investors seem to be preparing for the Ethereum Proof-of-Stake merge. Many people forget that Ethereum is actually a fork of Ethereum Classic, which is the original chain. Once Ethereum officially switches to PoS, miners will flock to Ethereum Classic, which will likely cause a massive spike in the ETC price.