The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Will Crypto Sustain Its Rally? Top Trader Unveils Primary Catalysts Driving the Surge in Digital Asset Markets

by Daily Hodl Staff
July 20, 2022
in Ethereum, Trading

A closely tracked crypto trader says there are two key factors powering the current rally in the cryptocurrency markets.

Earlier this month, pseudonymous analyst Light told his 167,100 Twitter followers that after an abysmal first half of the year, crypto bulls were in a position to inspire a rally in the markets but lacked the narrative to do so.

“The market now lacks a viable schelling point narrative. Yet its desire for one is palpable. It wants to make back what it lost. We will suspend disbelief in an effort to do so once a vehicle emerges to carry this latent desire. In the wreckage are nascent roots.”

Now, Light says the announcement of Ethereum’s (ETH) schedule for The Merge along with a relatively quiet macro backdrop are giving crypto bulls the energy to ignite rallies across the markets.

“If the last few days of price action didn’t make it obvious, The Merge has filled the narrative void. Macro calming opened space for a return to asset specific drivers.”

On July 15th, Ethereum developers revealed the timeline for ETH’s massive upgrade that will enable the leading smart contract platform to solve its network scalability issues. At time of writing, Ethereum is swapping hands for $1,520, up over 70% from its 2022 low of around $880.

Light adds that Ethereum’s strong performance over the last week is motivating traders to take on more risk, which he notes could lead to more rallies as others try to catch up or rotate their capital.

“Shorts had days to get out on BTC. Zero reason to be short it when ETH did what it did. A large asset in the ecosystem ripping 40% stokes risk-seeking behavior everywhere else. It makes people consider that assets can in fact go up in price. It leads to catch-up/rotational flows.”

At time of writing, Bitcoin (BTC) is changing hands for $23,147, up 4.50% in the past day and over 30% from its yearly low of around $17,600.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/robuart/Sensvector

Submit a Press Release

Industry Announcements

  • Coinfest Asia Is Back in 2023 Carrying the Theme of Web 2.5
    March 20, 2023
  • Poolz Security Incident Prompts Rapid Response and Platform Restructuring
    March 16, 2023
  • Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar To Combat Centralized Stablecoins
    March 16, 2023
  • Partnership Announcement – Oraichain x DoraHacks
    March 16, 2023
  • Wemade Announces Partnership With Space and Time To Power Blockchain and Gaming Services
    March 15, 2023
  • DAO Maker’s Degen Zoo Builds the Abandoned Logan Paul Game in 30 Days
    March 10, 2023
  • New Peer-to-Peer Chat Application Launches on the Decentralized Streamr Network
    March 9, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,037.51
$28,037.51
0.46%
Ethereum
$1,761.23
$1,761.23
1.64%
Cardano
$0.338298
$0.338298
2.63%
XRP
$0.385271
$0.385271
2.07%
Dogecoin
$0.072306
$0.072306
4.88%

Spotlight

  • Circle Mints $407,000,000 Worth of USDC as Stablecoin Recovers From Depegging Incident: Nansen
    March 13, 2023
  • Coinbase Issues Alert to Crypto Traders, Says It Will No Longer Support Six Ethereum-Based Altcoins
    March 15, 2023
  • Most Dogecoin (DOGE) Holders in Profit As Over 65% of Shiba Inu (SHIB) Owners Languish Underwater: IntoTheBlock
    March 18, 2023
  • Bitcoin (BTC) Nowhere Near Finished Ripping, Says Top Crypto Trader – Here’s His Target
    March 14, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl