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Bitcoin keeps rising, unlike Shiba Inu which drops 30% – Market Summary

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This Friday (08) Bitcoin (BTC) marked its new highest price line since mid-May close to US$ 56,000 – R$ 305,000 in the main Brazilian brokers, while Shiba Inu (SHIB) fell about 30% in one day, according to CoinGoLive.

Most alternative currencies don’t make any very significant bullish moves, but remain following Bitcoin’s bullish trend. Unlike the others, the SHIB token, after the upward explosion, is melting at the same speed.

CoinGoLive shows bitcoin rising while Shiba Inu falling 30%
Source: CoinGoLive.com.br

Bitcoin rises 26.6% in one week

The market leader’s situation was not very good until early October. But that changed quickly as the asset’s value gradually began to rise.

It rose to $50,000 for the first time in a month and, after some rejections, managed to decisively surpass that level.

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The cryptocurrency added about 35% of the value in about a week, and at the moment, the BTC is traded at US$ 55,561 – R$ 305,274 in the main Brazilian brokers.

As Ray Dalio, famous investor in the traditional market, said, “Bitcoin has stood the test of time”. Now, for example, Bitcoin hashrate is recovering again, after so many months of pressure that miners were receiving from the Chinese government.

Read too: Bitcoin has stood the test of time, says legendary investor Ray Dalio

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In addition to the price evolution mentioned above, the hash rate is currently above 130 Ehash / s, according to data from Bitinfocharts.

Bitcoin Hashrate Rate Recovers
Bitcoin Hash Rate – Source: Bitinfocharts.com

Because of October’s prolonged stride, investors are more optimistic and greedy, as the cryptocurrency market’s Fear and Greed index shows.

cryptocurrency market fear and greed index
Crypto Market Fear&Greed Index – Source: alternative.me/crypto/fear-and-greed-index/

Its market capitalization is well above the coveted $1 trillion mark, while dominance over altcoins has increased slightly again to 43.12%.

Shiba Inu (SHIB) lost most of its value in one day

Alternative currencies followed their lead in their quest to new monthly highs, but most remained stagnant on a 24-hour scale.

Ethereum (ETH) is among the most substantial winners as it is above $3,600, which means an increase of over 20% in one week.

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In contrast, Shiba Inu (SHIB) lost most of its value in one day (-30%). This comes after a few days of consecutive gains and an unusually high volume of futures trading.

Understand: Investor buys 6 trillion SHIBA before 200% pump, handling?

The result of the main altcoins in the last 24 hours is as follows: Ethereum (+2.30%), Cardano (-0.22%), Binance Coin (-1.24%), Ripple (+0.38%), Solana (+3.94%), Polkadot (+0.89%), Dogecoin (+2.19%), Terra (+3.46%), Avax (+6.55%), Uniswap (+1, 31%), Chainlink (+1.30%) and Litecoin (-0.56%).

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The cumulative market capitalization of all cryptocurrencies has increased to $2.42 trillion since yesterday.

Follow the crypto market news on the Cointimes Telegram group, access.

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Ethereum

Ethereum out performs Bitcoin, ETH regains the majority its flash-crash losses

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  • Ethereum price, like the broader cryptocurrency market, suffered a massive flash-crash during the early midnight trading on Saturday.
  • 17% losses at one point were measured.
  • Throughout the remainder of Saturday, buying pressure wiped out nearly all of the overnight losses.

Ethereum price performance on Saturday has been nothing short of spectacular. Considering that most of the altcoin market is down fifteen to twenty percent, Ethereum’s daily close of down only 4% is a testament to its strength.

Ethereum price regains nearly all of its flash-crash loss, handily outperforming the broader market

Ethereum price experienced one of the fastest and deepest flash-crashes since May. The timing of the collapse couldn’t have been more perfect: midnight Eastern Standard Time (New York). Bears could push Etheruem to the $3,503 price level before a bullish reversal occurred.

The two primary support levels holding Ethereum price up are Senkou Span B at $3,700 and the third-highest volume node in the 2021 Volume Profile at $3,410. While highly bullish in the short-term, indecision remains and downside risks.

Despite the massive recovery, Ethereum price remains inside the daily Cloud – an area rife with indecision, volatility, and whipsaws. The Cloud is the place where trading accounts go to die. Etheruem needs a daily close at or above the $4,650 price level to convert to a full-blown bull market.

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Ethereum price is tilted more bearish here, especially with the Chikou Span below the candlesticks and in open space. Adding to the bearish outlook is the bear flag breakout on the Relative Strength Index. However, the final oversold level at 40 in the Relative Strength Index might yield some support.

ETH/USD Daily Ichimoku Chart

The threshold that bears need to achieve to convert Ethereum price into a bear market is a much more manageable price range than converting to a bull market. For example, whereas Ethereum needs a 15% move above $4,000 to convert into a bull market, short-sellers only need a 7% move below $4,000 to convert Ethereum into a bear market.

Any daily close at or below $3,700 would position Ethereum below the Cloud and into bear market territory.

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Top Analyst Says One Crypto Asset Will Spearhead Bull Market Recovery – And It’s Not Bitcoin

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A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

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If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

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Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

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At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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