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Ethereum (ETH) Shoots Another 5.5% Today As Several On-Chain Metrics Improve

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The world’s second-largest cryptocurrency Ethereum (ETH) is showing strength today registering another 5.5% gains. At press time, the ETH price has crossed $2728 with its market cap at $314 billion. This comes as several on-chain metrics continue to improve for Ethereum with ETH now eyeing a move to $3000 levels.

As on-chain data provider Santiment reports, the ETH active addresses are once again on the rise. This means that the investor activity on the platform is increasing once again. The rebound happens after last week’s panic selloff.

Courtesy: Santiment

On the other hand, the daily active deposits of Ethereum (ETH) at exchanges are once again on a decline. Although the number is relatively higher compared to the last six months, the declining ETH supply is a bullish indicator.

However, there’s one indicator that suggests caution at this point. The 36-day MVRV ratio (market-value/realized-value) hasn’t dipped to the negative. The Santiment report states:

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36-day MVRV haven’t dipped into negative at all. So there’s a lot more profits to be taken by long term holders which is kind of scary. But when just examining this bull cycle, it’s fairly low, lowest since November. At the very least it can allow for more price appreciation. Even compared to previous rally.

Ethereum vs Bitcoin

Coming to the classic all-time comparison, Ethereum has flipped Bitcoin in several on-chain metrics over the last month. On a month-on-month basis, the total adjusted on-chain volume of Bitcoin declined while that for Ethereum nearly doubled.

Courtesy: The Block

Last month, the Bitcoin miner revenue declined 15% to $1.45bn. At the same time, the ETH miner revenue shot 42.8% to a new ATH of $2.35bn. This was the first time in four years since June 2017 that the Etheruem miner revenue has surpassed the Bitcoin miner revenue.

Another bullish indicator for Ethereum was that the ETH futures volume surge a massive 94.7% to a new ATH of $1.7trn.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Source: https://coingape.com/ethereum-eth-shoots-another-5-5-today-several-chain-metrics-improve/

Blockchain

Why this ‘Biggest Bitcoin challenge’ is a bonus

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Bitcoin‘s rising popularity with institutions and investment professionals such as BlackRock CEO Larry Fink and hedge fund legend Stanley Druckenmiller has helped Bitcoin stand its ground against Gold. Considering the former’s prospects as a scarce store-of-value over the latter, a war of words often emerges between gold bugs and the bitcoin community.

While many Bitcoin proponents saw Bitcoin as Digital Gold or Gold 2.0, Peter Schiff, (of Euro Pacific Capital) one of the loudest proponents of gold, maintained his skepticism towards bitcoin.

The latest war (of words) on Twitter resurrected the age-old debate of Bitcoin vs gold. Billionaire investor and entrepreneur Mark Cuban and Oliver Renick, Gold bug (from TD Ameritrade), exchanged their thoughts on both assets.

In a tweet, Renick slammed Bitcoin’s comparison to digital gold because “Bitcoin is making no discernable progress towards digital gold. Why are we still assuming it will at some point in the future?”

The Shark Tank star responded, by stating a few reasons why bitcoin was indeed better than gold.

“Its BETTER than gold. No worries about storing it. Easy to transfer. Easy to trade. Easy to convert. Doesn’t require an intermediary. Can be fractionalized. Biggest BTC challenge? No William Devane type commercials and all the people who believe gold is an inflation hedge.”

TD Ameritrade’s Oliver Renick, in response to Cuban, stated that he doubted Bitcoin’s progress by adding that bitcoin’s ‘relationship with real interest rates was as random as it was on day 1 ten years ago’.

Source: Oliver Renick| Twitter

In a report published by Renick recently, he opined:

“See any trends? Me neither. It looks completely random with no trend over the past nine years of data; sometimes positive, sometimes negative. But what’s most important here is that it’s not getting more negative over time. “

Cuban responded:

“Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both,”

Gold, according to, Renick was remarkably consistent in its negative correlation with real interest rates i.e., its utility. He added ‘Until BTC does something resembling this, not sure why we call it gold. At least from a financial sense,’

Source: Oliver Renick| Twitter

Following this argument, Cuban acknowledged one aspect: even though Gold at the press time had more demand than Bitcoin, the narrative will flip; he stated:

“So are a lot of assets including stocks. That isn’t a utility. That’s supply and demand. Gold has more demand. IMO, that will change going forward. Why? Because BTC is easier to transact. In the time it will be better understood and marketed and the gold market will shrink.”

Reality Check: BTC vs Gold

Philipp Sandner from Frankfurt School Blockchain Center made a comparison between three assets: Gold, Bitcoin and Fiat (euro),

Source: Medium


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Source: https://ambcrypto.com/why-this-biggest-bitcoin-challenge-is-a-bonus

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Blockchain

Bitcoin: What does this mean for the ‘trapped bulls’?

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Bitcoin, the world’s largest cryptocurrency has been bleeding for quite a while now as bears overtook the bull. As things stand, it was trading just above the $33k mark with a correction of about 2% in the last 24 hours. BTC witnessed a major decline in its volume as well, a 44.5% plunge within the same period. Earlier this week, Bitcoin plunged to a five-month low of $28,600.

As per On-chain analysis platform Glassnode: ‘Bitcoin Amount of Supply Last Active 1w-1m (1d MA) just reached a 7-month low of 985,098.597 BTC.’

Source: Glassnode

To add to this bearish sentiment, the ‘Big Short’ famed investor, Michael Burry recently tweeted a word of caution.

Last week, to add to his bearish narrative, Burry warned his followers about the “mother of all crashes” in a now-deleted tweet.

Continuing the same thread, he added:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, MainStreet losses will approach the size of countries. History ain’t changed.”

Furthermore, he stated:

“The problem with Crypto, as in most things, is the leverage. If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know,”

Robert Kiyosaki, the best-selling author of ‘Rich Dad Poor Dad,’ too had similar speculations against the largest crypto token.  According to his tweet, he cautioned his followers about the crash in world history. He stated: “The biggest bubble in world history getting bigger. The biggest crash in the world history coming…”

In contrast, Crypto bull, and analyst, Michael van de Poppe didn’t see any cause for alarm with the current scenario. He stated:

“Consolidation on the markets, that’s completely fine.”

Another crypto enthusiast, a few weeks ago published a post directed at Burry, contradicting the latter’s views.


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Source: https://ambcrypto.com/bitcoin-what-does-this-mean-for-the-trapped-bulls

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Blockchain

Bitcoin could reach $40,000 when this happens…

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Bitcoin has kept everyone on their toes by exhibiting the most volatile movement this year. Rallies to $60k and crashes dropping BTC down to $29k certainly don’t induce the kind of adrenaline people are looking for. But all of this is in the past, the question that now arises is what the future holds for Bitcoin as well as the investors. Is the king coin headed towards another rally? Or is it about to fall deep into the abyss of losses? 

Bitcoin Might Rally

Popular analyst Rekt Capital, in a recent analysis, brought the newly forming Wyckoff accumulation structure to attention. Wyckoff accumulation usually occurs in 4 phases. On the 8-hour scale, Bitcoin’s price action has validated phases A & B. As the king coin seems to enter Phase C, signs of the spring have been appearing as the coin briefly fell below $30k. This drop resulted in BTC reaching $28k before bouncing back to the $31k range. The next day on June 23, Bitcoin rallied and reached above $33k.

Now according to the Wyckoff accumulation schematic, the coin needs to test this $33k level as support in order to bounce ahead towards the next higher lows. Should this movement occur, not only phase C but also phase D would be validated and the coin could rally up to $40K.

Bitcoin in micro Wyckoff accumulation (8-hour chart) | Source: Rekt Capital

Typical Wyckoff accumulation structure | Source: Rekt Capital

Bitcoin Might Not Rally

This is also a possibility as when the king coin’s price movement is observed on the 1-day chart, the scenario is a little different. According to Rekt Capital, the larger time frame displays a Wyckoff distribution pattern.

Due to the week-long crash that occurred between May 12-19, BTC established the lower low wedging structure that fits the Wyckoff distribution schematic. Observing the chart (ref. 1 Day distribution image) shows that the coin was currently consolidating in the downtrend wedging structure. A fake breakout took place on June 14, but the coin came back down in it. If this pattern is confirmed, Bitcoin could enter phase E of the schematic could mean a continued downfall. 

However, because the coin failed to establish old support as new resistance – $43k-45k range – Wyckoff distribution pattern is not confirmed. But unless the coin miraculously rallies above $40k, the coin could still enter phase E.

Bitcoin in macro Wyckoff distribution (1-Day chart) | Source: Rekt Capital

Typical Wyckoff distribution structure | Source: Rekt Capital

Both patterns are yet to be confirmed, yet their different movement is profitable for different types of investors. Wyckoff accumulation could be achieved on the 8-hour scale, thus short-term investors / short-term holders can benefit from this pattern.

Whereas, Wyckoff distribution might occur on the 1-Day scale, which would be far more beneficial for long-term investors or HODLers. In any case, Bitcoin’s exact movement can’t be explicitly predicted owing to the high volatility.


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Source: https://ambcrypto.com/bitcoin-could-reach-40000-when-this-happens

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