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Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

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Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose by as much as 10% in today’s session, racing past a key resistance in the process. Solana was another notable gainer, as it hit an 11-day high. Dogecoin (DOGE) Dogecoin was one of Saturday’s most notable More

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Solana Creator Anatoly Yakovenko Reveals His End Goal for Top Ethereum Rival

The co-creator of Solana (SOL) is revealing his end goal for the high-throughput blockchain and major Ethereum (ETH) rival. In a new interview with Scott Melker, Anatoly Yakovenko says that he hopes the Solana blockchain’s speed will help it become the benchmark system for all global financial data, eliminating market inefficiencies. “This is like my […]

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Bitcoin Crypto News

Bitcoin Price Surges Above $22,000 But Will The Momentum Last?

Bitcoin price displayed strength over the last four days as it finally broke past the $19,000 price zone. Bitcoin price was consolidating over the past week before this rally. At the moment, the $18,000 price level is acting as strong support for the coin. Even though the Bitcoin price has stabilized, the $18,000-$19,000 price range remains critical. If the cryptocurrency fails to trade above its present level and falls near $18,000, its next trading zone will be at $15,000. Buyers seem to have returned to the market owing to the relief rally. Technical indicators have also painted a bullish picture for Bitcoin on the daily chart. Demand for Bitcoin has to remain constant in order for the coin to stay optimistic on its daily chart. The coin could go to $24,000. However, that price level may prove to be a strong barrier for Bitcoin. That could in turn push the price of Bitcoin to its closest support line. If Bitcoin manages to hold above $22,000, there are chances that it could trade close to $24,000. Bitcoin Price Analysis: One Day Chart BTC was trading at $22,100 at the time of writing. However, there has been a relief rally in recent days after a period of consolidation. The immediate resistance for the coin stood at $24,000, but the aforementioned level could prove to be a strong resistance mark for Bitcoin. Local support for the coin was at $19,000 and then at $18,000. If Bitcoin reaches $18,000, it is possible that it will aim for $15,000. The volume of Bitcoin traded in the last session declined, which was a sign of increased selling pressure. Technical Analysis BTC has been flashing signs of optimism over the last couple of days. It is still to be seen how Bitcoin price fares above the $22,000 price mark. The outlook for Bitcoin price has turned positive, with buying strength increasing over the past few trading sessions. The Relative Strength Index was above the half-line, which indicated that buyers outnumbered sellers at the time of writing. Bitcoin price travelled above the 20-SMA line, signalling that buyers were driving price momentum in the market. Increased demand would push the 20-SMA line to crossover the 50-SMA line, thereby increasing the chance of bullishness. Related Reading: Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days Other technical indicators of Bitcoin also seemed to side with the bulls at press time. The overall price direction of the coin was positive, as depicted by the technical indicators. The Directional Movement Index was positive, with the +DI line above the -DI line. However, the Average Directional Index (red) sagged slightly. This meant that price momentum could lose steam. Bollinger Bands indicate volatility, and the slight opening of the bands means that there could be a chance of a price fluctuation. Related Reading: TA: Bitcoin Price Rockets to $22k, Next Bullish Levels Traders Should Watch Featured image from Pexels, Chart from TradingView.com

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Quant Suggests Bitcoin Will Be Back In The Driver Seat After Ethereum Merge

A quant has suggested that Bitcoin will again become the driving force in the crypto market once the Ethereum merge hype dies down. Bitcoin Share Of Crypto Trading Volume Already Seems To Be Overtaking Ethereum’s As explained by an analyst in a CryptoQuant post, there are some signs that point to BTC surpassing ETH once more to be the dominant power in the market. The relevant indicator here is the “dominance by volume,” which measures what part of the total crypto trading volume is contributed by each coin in the sector. The “trading volume” is a metric that measures the total amount of crypto being involved in transactions in spot markets. Now, here is a chart that shows the trend in the dominance by volume for both Bitcoin and Ethereum: The value of the metric for BTC seems to have crossed over that of ETH in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin percentage share of the trading volume was significantly higher than Ethereum’s during the start of July. However, as the middle of that month approached, ETH slowly started surging up and passing above the BTC volumes. Related Reading: Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days In August, the ETH dominance by volume remained higher than BTC’s for the entire month, save for a couple brief spikes for the latter. This continued into September, until just a few days ago. The reason behind Ethereum leading the bear market for almost two months was the hype created by the upcoming PoS merge. The quant believes that once the merge is finished in approximately two days, this narrative that kept the crypto’s volumes up will be gone. Related Reading: Chiliz and Big Eyes Coin: Two Ethereum-based Cryptos that Might Overthrow the Binance Crypto Project Around three days ago, BTC’s share of the trading volume crossed over that of Ethereum’s and has since stayed up. The analyst points out that this is one of the early signs for a shift in the investor behavior around the merge launch. BTC overtaking the volumes on exchanges now means soon after the merge, Bitcoin will be back to being the main driving force in the crypto market. BTC Price At the time of writing, Bitcoin’s price floats around $22.2k, up 13% in the last seven days. Over the past month, the crypto has lost 7% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been observing some upwards momentum during the last few days | Source: BTCUSD on TradingView Featured image from Peio Bty on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin Crypto News

Bitcoin Taker Buy Sell Ratio Hits Highest Value in 636 days

On-chain data shows the Bitcoin taker buy sell ratio has surged up to a high not seen since almost two years ago. Bitcoin Taker Buy Sell Ratio Observes Uplift In Recent Days As pointed out by an analyst in a CryptoQuant post, the taker buy sell ratio is now at its highest value in 636 days. The “taker buy sell ratio,” as its name suggests, is an indicator that measures the ratio between the taker buy volumes and the taker sell volumes. When the value of this metric is greater than one, it means the long volume is overwhelming the short volume right now. Such a trend suggests that a bullish sentiment is more dominant in the market currently. Related Reading: Bitcoin Stablecoin Supply Ratio Now Forms A “Buy” Signal On the other hand, the ratio being below this threshold implies taker sell volume is higher at the moment. This trend naturally hints that the market holds a bearish majority sentiment. Now, here is a chart that shows the trend in the Bitcoin taker buy sell ratio over the last couple of years: The value of the metric seems to have surged up in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin taker buy sell ratio observed a spike in its value just recently. During this sudden increase, the indicator hit a high of 1.14, a value that it hasn’t seen since around 636 days ago. Related Reading: WATCH: Bitcoin Bottoms As Easy As Pi? | BTCUSD September 9, 2022 Since these latest values are higher than the “1” mark, the taker buy volumes are currently more dominant in the market. Incidentally, the last time these highs were seen was just before the 2021 bull run started. If a similar trend follows this time as well, then the current Bitcoin taker buy sell ratio values can prove to be bullish for the crypto’s price. BTC Price At the time of writing, Bitcoin’s price floats around $21.5k, up 9% in the last seven days. Over the past month, the crypto has lost 10% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has observed upwards momentum during the past couple of days | Source: BTCUSD on TradingView After plunging down hard just two weeks ago, Bitcoin has seen some sharp recovery in the last few days as the crypto has regained the $21k level. Currently, it’s unclear whether this recovery will last, or if the coin will see a retrace soon. However, as mentioned before, if the taker buy sell ratio is anything to go by, then BTC may see a bullish outcome. Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, CryptoQuant.com

Bitcoin Crypto News

Bitcoin Price Drops 6% While Bond Yields Spike

The world’s top cryptocurrency by market cap, Bitcoin, has hit the $18,000 mark and is still dropping. The crypto has dipped by 6% within the last 24 hours and more in the previous week. BTC/USD breached the $19,000 triple bottom support when it crashed from $20,000 to $18,000, signaling a major selling sentiment among Investors. Bitcoin Hits $18,000 There are several reasons for Bitcoin’s bearish run, but most refer back to the Federal Reserve’s aggressive approach to inflation.  Rising Bond Yields: the US 10-year bond yield has risen 3.25% since June, as sell-offs continue to increase. Investors are playing it safe as a result. Thus they are avoiding the more volatile assets like Bitcoin, which is putting more downward pressure on the digital asset’s price. Fed’s Hawkish Policies: Jerome Powell, head of the Federal Reserves, is staying true to his predecessor’s aggressive approach to inflation, raising interest rates. It appears he is not about to slack off as he reiterated his goal of strengthening the dollar to fight inflation. At writing, the dollar has hit a 20-year high, adversely affecting the price of Bitcoin as well. And finally: Nord Stream 1 Shutdown: Since Russia closed off the Nord Stream 1 pipeline, gas flow to Europe is on hold. This has scared the market and is causing Bitcoin trading to the tank. Tech Equities Are Equally Dropping As the Fed continues to increase interest rates in hopes of building the dollar’s strength, tech equities are equally affected.  Both NASDAQ 100 and S&P 500 are dropping in this general bear market. All stock options and Bitcoin are becoming off-limits as investors prepare to weather the interest rate spike by opting out of riskier investments. Bitcoin’s Bearish Trend is likely to Continue There is a question of whether Bitcoin can recover to $20,000. At this rate, it would have to break across the $19,500 mark, which might be difficult. Analysts believe it is possible if demand for the coin soars. However, crypto influencer Richard Heart is of a different opinion. According to him, Bitcoin still has a long way to drop before rallying. He predicts that the top crypto will at least hit $11,000 before it begins to climb back. At the time of writing, the price of Bitcoin is hovering around $19,000, up 1.31%.  Meanwhile, anticipation continues to increase from the inflation report scheduled for publication on September 13th and the Ethereum mainnet merge slated for the same day. Featured image from Pixabay and chart from TradingView.com