After weeks of living in the red, Bitcoin And Ethereum now Boarding.
Bitcoin, the world’s top cryptocurrency by market cap, is at $21,663, up nearly 10% over the past week and only up 6% on Thursday, according to CoinMarketCap data. Similarly, Ethereum has also seen notable gains over the past seven-day period, up $1,238 or 7% and 19% on Thursday.
The rest of the cryptocurrency market appears to be following suit, with solana up 4%, Polkadot up 5%, Cardano up about 3%, and dogecoin Up 3% in the last 24 hours.
Blockware analyst Joe Burnett has some ideas of what could have happened. He cited bitcoin’s correlation with the NASDAQ — which has risen 5% over the past five days — as well as recent selloffs from bankrupt firms such as three arrow capital Creating a “Local Floor”.
“This forced sale has certainly contributed to creating at least one local floor that could drive up the price,” Burnett said. decrypt Twitter via DM.
In his view, the bitcoin mining industry is also influencing the price of the cryptocurrency.
“We are 30 days into a miner’s dedication (according to hash ribbon metric), and there are signs that if the price doesn’t drop further, it will likely be exhausted soon,” Burnett said. Let’s exhaust your BTC treasury.”
Ongoing cryptocurrency has seen cryptocurrency go to zeroFile for multiple firms bankruptcya wave of layoffand a liquidity crisis, Does this sudden uptick mean market fears are easing?
Kraken’s Dan Held thinks so, arguing that the “mass transition” of a persistent domino effect — where the failure of one crypto company affects another — has been “contained” by FTX, an exchange whose CEO says he still has billions of dollars To deploy towards ailing crypto companies if necessary.
Similarly, Cubic Analytics analyst Caleb Franzen sees the 200-day moving averages of Ethereum and bitcoin as a metric that — if currencies climb above it — could give traders a more green look.
Others are less certain. Bitcoin analyst Will Clemente of mining firm Blockware points to bitcoin 200 weeks The moving average (WMA) at $22,520 serves as an important metric. If the price of bitcoin stays below that value, the price may continue to decline.
,At 200WMA the response should be quite clear,, Clemente said.
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