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Bitcoin moves higher, Ethereum almost unchanged

Published 27/07/2017, 13:36
Updated 27/07/2017, 13:44
© Reuters.  Bitcoin moves higher, Ethereum almost unchanged

© Reuters. Bitcoin moves higher, Ethereum almost unchanged

Investing.com - Bitcoin prices were higher on Thursday, pulling away from one-week lows, while the price of Ethereum, Bitcoin's closest rival in terms of market cap was almost unchanged.

On the U.S.-based GDAX exchange, Bitcoin rose to $2,586.00, up $52.5 or 2.07% after falling to lows of $2,405.00 on Wednesday

The digital currency rallied last week, rising to a high of $2,953.5 on July 19, just shy of its record high of $3,000 set in June.

Prices rose after Bitcoin avoided a split into two independent currencies when its network supported a proposal on upgrading to its software in order to speed up transactions on the Bitcoin network.

On Monday, Sheba Jafari, the head of technical strategy at Goldman Sachs said in a note to clients that Bitcoin "may need another few swings" before resuming its upward trend.

Bitcoin’s inability to breakout above its June 13 high of $3,000 suggests it is forming a triangle pattern that could see as many as five swings, and a low of $1,786, Jafari wrote.

"Anything above $3,000 will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high.)," Jafari wrote.

Ethereum was last at $204.7, almost unchanged for the day. The digital currency has retreated after hitting its all-time high of $419.3 on June 11.

The pullback in Ethereum from its all-time high has seen its market capitalization fall to around $19 billion, compared to Bitcoin’s $42 billion.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

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