After being in the red for a few weeks Bitcoin When Ethereum I’m climbing.
Bitcoin, the world’s top cryptocurrency by market capitalization, is $ 21,663, up about 10% last week and up 6% on Thursday alone, according to CoinMarketCap data. Similarly, Ethereum has seen a significant increase of up to $ 1,238 or 7% on Thursday and 19% over the last seven days.
The rest of the crypto market seems to follow, Solana 4% up, Polkadot up 5%, Cardano up about 3%, Dogecoin It has increased by 3.% in the last 24 hours.
Blockware analyst Joe Burnett has some thoughts on what’s going on. He cited the correlation between Bitcoin and NASDAQ (up 5% in the last five days), and recent sales from bankrupt companies such as: Three Arrows Capital Create a “local bottom”.
“This forced sale definitely helped create at least a local bottom where prices could rise,” Burnett said. Decryption Via Twitter DM.
Bitcoin in his view Mining It also affects the price of cryptocurrencies.
“We take 30 days for the miner to surrender ( Hash ribbon (Metric), and if the price doesn’t go down any further, there are signs that it could potentially end soon, “Burnet said. “The miner’s capitulation increases short-term selling pressure as the miner liquidates BTC’s finances and continues its business.”
The ongoing crypto winter has seen cryptocurrencies Go to zeroMultiple companies bankruptcyWave of Dismissal,and Liquidity crunch.. Does this sudden rise mean that market concerns have eased?
Kraken’s Dan Held seems to think so, claiming that the “massive transmission” of the ongoing domino effect (a failure of one crypto company affects another) was “contained” by FTX. increase. Billions of dollars If necessary, deploy to the sick crypto company.
Similarly, Cubic Analytics analyst Caleb Franzen sees the 200-day moving average of Ethereum and Bitcoin as an indicator that traders may look greener if the currency exceeds it.
Others are not very sure.Wil Clemente, a Bitcoin analyst at the mining company Blockware, said of Bitcoin 200 weeks A moving average (WMA) of $ 22,520 as an important indicator. If the price of Bitcoin remains below that price, the price may continue to fall.
“”The reaction at 200WMA should be very straightforward.“ Clemente said.
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