Cryptocurrency market influencer Austin Arnold said that Bitcoin (BTC) and Ethereum (ETH) prices are about to start another high amid an influx of optimistic news.
In a recent video, YouTube channel host Altcoin Daily explained how Visa’s recent move to start settling transactions on the Ethereum blockchain will trigger the rise of ETH.
“The ETH token acts as GAS for the network. Therefore, the more activity, the more people on the network will have to buy and hold the ETH token. Key news like this should tell you something. ETH will not be below US $ 2,000 forever, ”he said.
Hash rate is high signal for Bitcoin
Regarding Bitcoin, Arnold pointed out that the increase in the cryptocurrency hash rate is usually a bullish sign:
“Bitcoin’s mining hash rate has reached a new historic record. Therefore, miners are not pessimistic. They are trying to accumulate as much as they can. And as the famous Bitcoiner Max Keizer once pointed out, ‘the price generally tends to follow the hash rate.’ ”
In addition, he added that the growth of stablecoin reserves on exchanges is another bullish sign for Bitcoin.
As Arnold explained, stablecoin reserves on exchanges reached an all-time high of more than $ 10 billion.
Exchanges now hold nearly 16% of the $ 63 billion total market value of all stablecoins.
According to Arnold, this indicates that money is preparing to flow into Bitcoin and major altcoins.
“Stablecoin inflows are often seen as a short-term indicator of Bitcoin’s bullish stock, suggesting that marginal capital is returning to BTC,” he concluded.
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