2022-9-29 20:13 |
The cryptocurrency market is gaining momentum as Bitcoin trades above $19k, and Ethereum stays above $1,300 after rising in trading volume and price last night. The 24-hour trading volume has increased by 19% for BTCUSD, reaching $59 billion, and 32% for ETHUSD, reaching $20 billion. According to the increase in trading volume, the market may be preparing for a bull run this week, especially once the market cap of all cryptocurrencies surpasses the $1 trillion mark.
Summary:
After Bitcoin surpassed its two-week high on Tuesday, cryptocurrency markets are still in good shape.
Bitcoin Market News Update
According to some good CNN reports, the hard crypto winter may start warming up, as evidenced by signs in the cryptocurrency market. Crypto bulls are optimistic that we will soon experience more bullish momentum following a bull run on Tuesday when Bitcoin’s price surpassed its 2-week high and reached $20.2k.
Bitcoin continues to be a haven for investors looking to protect themselves against inflation despite the current economic chaos in the world. Since there is a fixed supply of 21 million bitcoins, it is inherently resistant to inflation. Nevertheless, just because BTC has a fixed supply doesn’t mean it isn’t impacted by international markets, particularly stocks.
Cryptocurrencies, the S&P 500, and tech stocks like the NASDAQ all have strong correlations. As a result, Bitcoin typically experiences bearish pressure when stocks experience bearish solid momentum. Fortunately, the S&P 500 and NASDAQ are both up today, which is probably why Bitcoin is expected to have a good day.
Ethereum’s Market News UpdateRegarding the second-largest crypto asset on the market, Ethereum’s Merge continues to draw attention.
One significant advantage of the network upgrade is that mining rewards were eliminated, significantly lowering Ethereum’s net inflation rate, according to a Coindesk report:
“In the days since the Merge, the annualized net issuance rate of Ethereum’s native cryptocurrency, ether (ETH), has fallen to a range of 0% to 0.7%, estimates Lucas Outumuro, head of research at crypto data and analysis firm IntoTheBlock. That compares with about 3.5% prior to the Merge.”
This means that Ethereum effectively reduced its inflation rate by about 3% by switching its network to a proof-of-stake model. Even though the supply of Ethereum is not fixed like that of Bitcoin, it has significantly decreased since the merger.
You can see the flattening of the circulating supply level from ycharts.com since the Merge on September 13th.
Image Source: YChartsThe market may not notice the decrease in the minting of new ETH for several months, but the long-term outlook for Ethereum is still very positive.
At $1,325, Ethereum is trading at a loss of 3% over the previous 24 hours. It has a $162 billion market cap and a $20.7 billion 24-hour trading volume, 31% higher than the last day.
It appears that the $1,300 level is a significant support range for Ethereum, and it’s likely that ETH will stay at its current level for the duration of this week before making the next move the following week.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post The Cryptocurrency Market Is Gaining Momentum as Bitcoin and Ethereum Recover appeared first on NullTX.
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