Crypto influencer Austin Arnold says the price of Bitcoin (BTC) and Ethereum (ETH) are both poised to ignite another rally amid an influx of bullish news.
In a new video, the host of Altcoin Daily explains how Visa’s recent move to start settling transactions over the Ethereum blockchain will trigger ETH’s rise.
“ETH the token does act as gas for the network. So the more activity, the more people on the network will have to be buying and HODLing ETH token the gas. Fundamental news like this should tell you something – ETH will not stay below $2,000 forever.”
Concerning Bitcoin, Arnold points out that the flagship cryptocurrency’s increase in mining hash rate is usually a bullish signal.
“Bitcoin’s mining hash rate just hit a new all-time high. So the miners aren’t bearish, they’re trying to accumulate as much as they can. And as famed Bitcoiner Max Keiser once pointed out, ‘Price usually tends to follow hash rate.'”
The crypto trader and YouTuber adds that growing stablecoin reserves on exchanges is another bullish signal for Bitcoin and digital assets.
“Stablecoin reserves on crypto exchanges have hit a new historic high of over $10 billion…Cryptocurrency exchanges are now holding nearly 16% of the total market value of all stablecoins with stablecoin market capitalization amounting to $63 billion.
Usually when we see strong inflows of stablecoins into exchanges, that usually means that the money is prepping to flow into Bitcoin or other top altcoins. Stablecoin inflows are often seen as a short-term indicator of bullish action for Bitcoin suggesting that sidelined capital is moving back into BTC.”
i
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Ajit Bahadur