Decentral Block Post

The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets.

A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode.

However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was at $5 billion. Glassnode suggested that traders have been booking profits on the spread between their spot long Ether versus the quarterly short Ether futures positions.

Could Bitcoin and the altcoins extend their recovery in the next few days? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

BTC/USDT

Bitcoin rose above the overhead resistance of $24,668 on Aug. 13 and Aug. 14 but the bulls could not sustain the higher levels. This indicates that bears are selling on rallies but repeated breach of an overhead resistance tends to weaken it.

Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run.

Weekend produces brief $25,000 tap for BTC

Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle.

The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction.

Analyzing the market setup, however, familiar bearish tones remained. 

For popular Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in.

Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run.

Weekend produces brief $25,000 tap for BTC

Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle.

The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction.

Analyzing the market setup, however, familiar bearish tones remained. 

For popular Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in.

Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on Aug. 4. However, the occasion turned bittersweet when internal investigations pointed out the involvement of a prominent team member, who goes by the pseudo name Gabagool.

On Aug. 4, one of Velodrome’s high-worth wallets — dedicated for operating funds such as salaries — was drained off $350,000 before it could be transferred to the company’s treasury multisig wallet. A subsequent internal investigation revealed the attacker’s identification, which allowed the company to recover the entire loot. Velodrome’s official statement revealed:

“Much to our disappointment, we learned the attacker was a fellow team member Gabagool.”

While many community members came in support of the prominent coder, Gabagool owned up to the allegations made against him following Velodrome’s investigation. 

Nearly six hours into the revelation, Gabagool released a note revealing various events that led him to attempt theft. Velodrome’s biggest mistake was to give ownership of its wallet’s private key to five individuals, which included Gabagool.

Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.

Altcoin market cap returns to $700 billio

Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13.

The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January.

At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last.

As Cointelegraph reported earlier, ETH/USD passed $2,000 overnight, a significant psychological boundary in itself unseen since May.

Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.

Altcoin market cap returns to $700 billio

Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13.

The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January.

At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last.

As Cointelegraph reported earlier, ETH/USD passed $2,000 overnight, a significant psychological boundary in itself unseen since May.