Ethereum
Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a “favorable” Consumer Price Index print and news that BlackRock — the world’s largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or 16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation. Daily cryptocurrency market performance. Source: Coin360 However, analysts remain divided about the prospects of the current rec...
Bitcoin battles 2-month resistance amid ‘most hated’ stocks rally
Bitcoin (BTC) pierced the top of a stubborn trading range on Aug. 11 as a decidedly awkward rally took hold of risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin retracement warnings intensify near $25,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $24,750 on Bitstamp, marking its best performance since June 13. The pair had attempted several breakouts to the top of the range in prior weeks, these all failing in the face of stiff selling pressure. New United States inflation data released this week formed a long-awaited catalyst for change, however, with Bitcoin and altcoins rising in step with equities as the Consumer Price Index (CPI) print for July suggested that inflation had peaked. On Aug. 10, the day of the relea...
Tether also confirms its throwing weight behind the post-Merge Ethereum
Hot on the heels of an official announcement from USD Coin (USDC) issuer Circle Pay, stablecoin giant Tether has now also officially confirmed its support behind Ethereum’s upcoming Merge upgrade and switch to a Proof-of-Stake (PoS) consensus mechanism-based blockchain. The announcement came on the same day as its stablecoin competitor, who pledged they will only support Ethereum’s highly anticipated upgrade. In an Aug. 9 statement, Tether labeled the Merge one of the “most significant moments in blockchain history” and outlined that it will work in accordance with Ethereum’s upgrade schedule, which is currently slated to go through on Sept. 19. “Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it’s imp...
Circle plans to only support Ethereum PoS chain after Merge is complete
On Tuesday, Circle, the issuer of the USD Coin (USDC) stablecoin, pledged its full support for the transition of Ethereum to a proof-of-stake, or PoS, blockchain after the much-anticipated Merge upgrade. The firm views the Merge as an important milestone in the scaling of the Ethereum ecosystem, writing: “USDC has become a core building block for Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped broaden the set of use cases that today rely on Ethereum’s vast suite of capabilities. We understand the responsibility we have for the Ethereum ecosystem and businesses, developers and end users that depend on USDC, and we intend to do the right thing.” Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset ov...
Bitcoin dominance hits 6-month lows as metric proclaims new ‘alt season’
Bitcoin (BTC) is facing fresh competition from altcoins this month as data shows that — technically — it is already “alt season.” Figures from CoinMarketCap and TradingView show that BTC currently makes up around 41% of the overall crypto market capitalization — its lowest since the start of 2022. Bitcoin sheds market cap prowess After suffering at the hands of the Terra LUNA — now renamed Terra Classic (LUNC) — collapse, altcoin markets have rallied considerably in recent months. Alongside Bitcoin’s return from 18-month lows of $17,600 in June, altcoins have enjoyed their own renaissance, one tha is now giving Bitcoin bulls a run for their money. According to CoinMarketCap, Bitcoin’s market cap share is now at its lowest since mid-January, with the larg...
Ethereum price rises by 50% against Bitcoin in one month — but there’s a catch
Ether (ETH), Ethereum’s native toke, has been continuing its uptrend against Bitcoin (BTC) as euphoria around its upcoming network upgrade, “the Merge,” grows. ETH at multi-month highs against BTC On the daily chart, ETH/BTC surged to an intraday high of 0.075 on Aug. 6, following a 1.5% upside move. Meanwhile, the pair’s gains came as a part of a broader rebound trend that started a month ago at 0.049, amounting to approximately 50% gains. ETH/BTC daily price chart. Source: TradingView The ETH/BTC recovery in part has surfaced due to the Merge, which will have Ethereum switch from proof-of-work (PoW) mining to proof-of-stake (PoS). Ethereum’s “rising wedge” suggests sell-off From a technical perspective, Ether stares at potential interim loss...
Price analysis 8/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate. Wages saw growth of 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and the U.S. Federal Reserve may continue with its rate hikes in the near future. After staying in close correlation with the U.S. equities markets for the past several months, the crypto space could be ready to chalk out a new course. Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in a recent report that Bitcoin (BTC) has started base building similar to the one seen near $5,000 in 2018–2019. They expect the recovery to decouple from stocks and behave more like U.S. “Treasury bonds or gold.” Daily cryptocu...
Contagion only hit firms with ‘poor balance sheet management’ — Kraken Aus boss
The crypto contagion sparked by Terra’s infamous implosion this year only spread to companies and protocols with “poor balance sheet management” and not the underlying blockchain technology, says Kraken Australia’s managing director Jonathon Miller. Speaking with Cointelegraph, the Australian crypto exchange head argued that sectors such as Ethereum-based decentralized finance (DeFi) revealed its fundamental strength this year by weathering severe market conditions: “Some of the contagion that we saw across some of the lending models in the space, [was in] this traditional finance kind of lending model sitting on top of crypto. But what we didn’t see is a kind of catastrophic failure of the underlying protocols. And I think that’s been recognized by a lot of people.” “Platforms...
Ethereum futures backwardation hints at 30% ‘airdrop rally’ ahead of the Merge
Ether (ETH) bulls like a positive spread between its spot and ETH futures prices because the so-called contango reflects optimism about a higher rate in the future. But as of Aug. 1, the Ethereum futures curve slid in the opposite direction. Ethereum quarterly futures in backwardation On the daily chart, Ethereum futures quarterly contracts, scheduled to expire in December 2022, have slipped into backwardation, a condition opposite to contango, wherein the futures price becomes lower than the spot price. The spread between Ethereum’s spot and futures price grew to -$8 on Aug. 1. ETH230-ETHUSD daily price chart. Source: TradingView One one hand, the current ETH spot price being higher than its year-end outlook appears like a bearish sign. However, the conditions surrou...
Uniswap’s 80% gains in July are in danger with UNI price painting a classic bearish pattern
Uniswap (UNI) looks ready to post its best monthly performance in more than a year as it rallied approximately 80% in July, but signs of an extended pullback in the near term are emerging. Uniswap price nearly doubles in July UNI’s price is having one of its best months ever, reaching nearly $9 on July 30 versus nearly $5 at the beginning of the month, best returns since January 2021’s 250% price rally. UNI/USD monthly price chart. Source: TradingView Merge FOMO an UNI “fee switch” proposal Uniswap’s gains primarily surfaced due to similar upside moves in a broader crypto market. But they turned out to be relatively massive due to an ongoing euphoria surrounding “the Merge.” Notably, the Ethereum blockchain’s potential transition ...
Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass. It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020. Daily cryptocurrency market performance. Source: Coin360 The crypto and equities markets have risen in the expectation that the pace of rate hikes ...
Price analysis 7/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) and most major altcoins are witnessing profit-booking on July 25 as the bulls scale back their positions before the Federal Open Market Committee meeting on July 26 through July 27. This indicates that the sentiment remains fragile and that bulls are not confident about carrying long positions into the event. Several analysts have retained their bearish view after Bitcoin failed to sustain above the 200-week moving average at $22,780. CryptoQuant contributor Venturefounder expects the selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed. Daily cryptocurrency market performance. Source: Coin360 The institutional investors seem to be absent from the markets and the recovery is being driven by the retail investors. Data from on-chain analyti...
