It’s a boring bitcoin so far this week, with the ether gaining for traders in a crypto market, which generally continues to signal growth.
- Bitcoin (BTC) trades around $ 55,502 as of 21:00 UTC (16:00 ET). Slipping 1.9% in the last 24 hours.
- Bitcoin 24 Hour Range: $ 54,565 – $ 57,043 (CoinDesk 20)
- BTC close to the 10-hour and 50-hour moving average on the hourly chart, a sideways signal for market technicians.
The price of bitcoin has changed slightly in the last 24 hours, despite the notorious volatility of the asset, which caused the spot market to fluctuate from $ 54,565 to $ 57,043 during the session, a swing of $ 2,478, according to CoinDesk price data 20.
However, BTC remained largely above $ 55,000 for nearly a month. According to historical data from CoinDesk 20, the last time Bitcoin closed below this level returned on March 26.
Since the beginning of April, the dominance of bitcoin, a measure of the asset relative to the wider cryptographic market, calculated by the chart firm TradingView, has decreased. It has fallen by almost 10% since April 1, and bitcoin is currently 51% dominant at the time of pressing, about half of the market. At the beginning of 2021, this figure exceeded 70%.
“Traders are looking for opportunities elsewhere,” said David Russell, vice president of Market Intelligence at the brokerage firm TradeStation Group. “It simply came to our notice then. It is not descending, but a potential sign of confidence in space. ”
The less bullish bitcoin action after the enthusiasm of Coinbase’s direct listing is not a surprise for some, the prices not being able to reach the historical maximum of 64,829.14 dollars reached on April 14th. the positioning for this has bled into a reduction in the effect of reducing weekend sales, “quantitative trading firm QCP Capital said on Wednesday.
A week later, traders look at other markets to play. Volumes on major spot exchanges are much lower than average on Wednesday, below $ 3 billion on the eight major exchanges pursued by CoinDesk 20.
Russell of TradeStation told CoinDesk that US dollar inflation will continue to be a key factor in cryptocurrency investments, and the crypto case remains. According to the data aggregator inflation instrument, over the past decade, the value of the green dollar has fallen in purchasing power, so it takes $ 118 in 2021 to pay for something that would have cost $ 100 in 2011.
“Procter & Gamble is raising prices and [Federal Reserve] does not increase interest rates. The signs of inflation are rising throughout the economy, “Russell added. “The value of inflation and the deficit could emerge as newer factors for the cryptocurrency space, especially with a Fed meeting next week.”
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Ether bullish over bitcoin
Ether (ETH), the second largest cryptocurrency after market capitalization, rose on Wednesday, trading around $ 2,425 and rising 4.2% in 24 hours starting at 21:00 UTC (16:00 ET).
While the price of bitcoin has been largely stagnant this week, the ether appears. A good way to compare the world’s oldest cryptocurrency to the ether is to view graphs on the ETH / BTC pair, available on most major cryptocurrency exchanges.
When the pair in the charts becomes optimistic, it means that traders are selling bitcoin for ether, which is the case right now.
ETH / BTC went up on Tuesday, with the price now well above the 10 and 50 day moving average in the schedule; today it has grown by more than 5% on Coinbase.
“It is interesting to note in the current ETH / BTC report that we have returned to the levels last seen in early February,” said Andrew Tu and executive at quantitative trading firm Efficient Frontier.
“In February we saw this top at 0.046 BTC. So, this is the level we should look at, to see if it comes out of this resistance “, added Tu. At the time of pressing, ETH / BTC was trading at 0.043 BTC on Coinbase.
Nick Mancini, a research analyst at cryptocurrency analytics firm Trade The Chain, told CoinDesk that an evolution in bitcoin price performance could cause red ETH and other crypto markets. “If bitcoin goes out of the current trend, we will probably see ETH as well [altcoins] take a small hit. ”
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Other markets
CoinDesk 20 digital assets are largely higher on Wednesday. Notable winners starting at 21:00 UTC (16:00 ET):
- Oil fell 2.1%. West Texas crude oil price per barrel: $ 61.04.
- Gold was 0.90% green and at $ 1,794 at the time of pressing.
- Silver wins, up 2.9% and changes hands to $ 26.57.
- The yield on 10-year US Treasury bonds fell to 1,554 on Wednesday and fell to 0.22%.
