Lack of Sellers Allows Ether to Lead the Market & Catch up to Bitcoin’s Gains

2021-5-3 15:40

Ether price is simply exploding, going to the stratosphere.

Hitting a new all-time high today to surpass $3,200, ETH is now up over 60% in a fortnight as it continuously hits new ATHs.

ETH is up a whopping 1,066,566% up from its initial coin offering (ICO) sale price of $0.30.

“There is still 0 volume behind this ETH pump – because the market still can't find sellers to offer, so few sellers that June futures basis was unable to even pop up on 3k break,” noted CL.

Against BTC as well, it has hit 0.0544 BTC level, last seen in early August 2018. BTC 1.73% Bitcoin / USD BTCUSD $ 57,528.08
$995.24 1.73% Volume 46.02 b Change $995.24 Open $57,528.08 Circulating 18.7 m Market Cap 1.08 t baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 1 h Bitcoin's Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry 1 h Warren Buffett and Charlie Munger Reiterate Harsh Words Against Bitcoin, But it Doesn’t Matter 3 h Bitcoin in Action: Micro Futures to Start Trading on CME & Tether Market Cap Up 50% Since First $60k Attempt

Ethereum’s Network Value to Transactions ratio (NVT) is driven back down towards this cycle lows, indicating that transaction volumes are high and growing faster than the network market cap. As we reported, European Investment Bank is planning on issuing a digital bond over the Ethereum blockchain.

“Today's market strength is supported by volume settled on-chain,” stated Glassnode.

What’s even more interesting about this run-up is the fact that funding on the exchanges is still minimal; no heating up can be seen anywhere. The highest, as of writing this, is at 0.0732% on Huobi.

This goes on to show that this uptrend is not driven by degenerate leverage traders but spot buyers.

“The funding is low because they are investing, not speculating. Using, not punting. Preferring wealth, not getting liquidated,” said Kyle Davies, co-founder of Three Arrows Capital.

Currently, traders are about 46% short on ETH while over 53% are long on the digital currency, as per Bybt.

The second-largest cryptocurrency now has a market cap of $365 billion, making it the 22nd largest asset — bigger than Bank of America and PayPal.

Ether’s latest gains have put Bitcoin’s dominance under 50% to 46% as the largest cryptocurrency trades around $58,500.

According to James Quinn, managing director at Q9 Capital, a Hong Kong crypto private wealth manager, ETH is catching up to Bitcoin’s late 2020 gains.

“At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call,” Quinn said. “But as the rally has matured over the last six months, you have DeFi, and a lot of DeFi is built on ethereum.”

It is further driven by the growth of DeFi, increasing demand for NFTs, and Ethereum’s upcoming London upgrade. With surging DeFi volumes, investors are gaining confidence in crypto, as seen with the launch of several Ether exchange-traded funds in Canada, and institutions also taking an interest, as Guggenheim CIO also pointed at; this makes sense.

With large amounts of Ether flowing out of crypto exchanges, especially Coinbase, “I believe this buying power came from institutional investors,” noted Ki Young Ju, CEO of CryptoQuant.

Ethereum/USD ETHUSD 3,178.2420 $271.74 8.55% Volume 37.55 b Change $271.74 Open$3,178.2420 Circulating 115.72 m Market Cap 367.8 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~ETH~USD"); The post Lack of Sellers Allows Ether to Lead the Market & Catch up to Bitcoin’s Gains first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

UpToken (UP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0008937 (-100%)

lack bitcoin gains market catch lead allows

lack bitcoin → Результатов: 126


Фото:

Guggenheim Investments’ Scott Minerd Says There Is Insufficient Institutional Support to Sustain BTC Prices Above $30K

As bitcoin struggles to kickstart yet another record-breaking rally, Scott Minerd, the CIO at Guggenheim Investments says this could be down to the inadequate institutional support. According to Minerd’s assessment, this lack of sufficient institutional investor support means it will be hard for bitcoin to trade above $30,000.

2021-1-30 00:30


Ray Dalio: Bitcoin Is A ‘Long-Duration Option On A Highly Unknown Future,’ But Ticks Regulation & Lack Of Privacy Risks

Bridgewater Associates founder called Bitcoin “one hell of an invention,” which the firm considers an investment for new funds in line with “cash is trash.” The post Ray Dalio: Bitcoin Is A ‘Long-Duration Option On A Highly Unknown Future,’ But Ticks Regulation & Lack Of Privacy Risks first appeared on BitcoinExchangeGuide.

2021-1-30 19:31


Фото:

Bitcoin is on the Brink of Seeing a Rally to All-Time Highs as It Taps Critical Level

Bitcoin has seen some relatively lackluster price action throughout the past few days and weeks, with the crypto’s price being unable to surge as it inches towards its $40k resistance This has come as its smaller counterparts all see massive momentum, with ETH seeing a monumental rally while many smaller altcoins also surge BTC’s lack of intense upside has come about due to the intense selling pressure it has been facing within the upper-$30,000 region, […]

2021-1-20 21:00


Фото:

Here’s Why One Analyst Expects Bitcoin to Surge Towards $12,000

Bitcoin and the entire crypto market aren’t providing investors with much clarity into their near-term outlooks BTC is in the process of battling the headwinds created by the ongoing turbulence within the stock market This turbulence has come about as a result of a lack of progress surrounding the second stimulus package If the White House and Congress fail to come to terms with an agreement, then the stock market may continue seeing immense selling […]

2020-10-16 02:00


Bitcoin Will Move Like a “Bulldozer” Once It Gains Momentum, Claims Analyst

Bitcoin’s price appears to have entered yet another consolidation phase as it trades between $11,400 and $11,600 Its present lack of momentum comes close on the heels of the strong move higher that it posted last week The resistance above its current price level is quite intense, and this may mark an attempt from bulls to garner greater buy-side support Where the market trends in the mid-term will likely depend largely on whether Bitcoin’s consolidation […]

2020-10-15 21:00


Фото:

With Round 1 Fully Sold Out, ClinTex Launches Round 2 of the CTi Token Sale

2nd October 2020, London, United Kingdom: The lack of coordination, and major issues with bureaucracy are taking a heavy toll on the medical trials industry. Costing anywhere from $600,000 to upto $8 million USD per day, every single day a medicine is delayed not only leads to huge financial losses, but also affects millions of […] The post With Round 1 Fully Sold Out, ClinTex Launches Round 2 of the CTi Token Sale appeared first on Bitcoin News.

2020-10-3 20:30


Фото:

Ethereum Reaches a Fate-Determining Level as Analysts Watch for Volatility

Ethereum’s price action has been closely tracking that of Bitcoin in recent weeks, causing it to see a choppy bout of sideways trading The lack of any real trend in recent weeks has made ETH’s mid-term outlook somewhat unclear That being said, the crypto may now be trading at a pivotal level that determines its near-term outlook One analyst is noting that the price at which it is currently trading has historical significance, and its […]

2020-9-27 22:00


Фото:

The TRON Network is About to Get its First-ever Public Oracle System

According to the team behind the Bridge oracle, the lack of this infrastructure is currently a pain point as it limits the blockchain’s use case to a tokenization platform. They believe that the creation of this system is crucial for attracting small businesses who may not have the means, ability or time to create their […] The post The TRON Network is About to Get its First-ever Public Oracle System appeared first on Bitcoin PR Buzz.

2020-9-15 13:45