Bitcoin, Ethereum Edge Higher, Dogecoin Slips: Analyst Says Apex Coin Fundamentals ‘Still Support Healthy Consolidation’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Bitcoin, Ethereum Edge Higher, Dogecoin Slips: Analyst Says Apex Coin Fundamentals 'Still Support Healthy Consolidation' - Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Written by admin

Major coins, even global ones, rose slightly on Tuesday cryptocurrency market The cap was down 0.6% at $963.8 billion at 8:27 p.m. EDT.

Price Performance of Major Coins
coin 24 hours 7-day the price
Bitcoin BTC/USD 0.2% 4% $20,250.79
Ethereum ETH/USD 0.4% 1.85% $1,363.45
dogecoin DOGE/USD -0.6% 7.4% $0.065

Top 24-Hour Gainers (Data via CoinMarketCap)
cryptocurrency 24 Hour % Change (+/-) the price
Ethereum Name Service (ENS) +9.3% $17.46
Helium (HNT) +6.4% $5.62
Trust Wallet Token (TWT) +6.26% $0.975

See also: How to get free cryptocurrency

Why it matters: Bitcoin and Ethereum traded marginally in the green on Tuesday as the two-day exchange the rally ended. US stock futures were also slightly higher at the time of writing.

The ISM Services PMI, an index that measures the direction of economic trends in services sectors, fell to 56.7 in September from 56.9 in August, but exceeded market estimates.

“The economy is too strong for the Fed to turn around. A strong start to October ended after both the private payrolls report and service sector data reminded investors how strong some parts of the economy are,” he said. Edward MoyaSenior Market Analyst with OANDA.

On Bitcoin, Moya said: “October’s strong start is over and markets were quick to remind us that the Fed’s pivot calls were once again premature. Traders were bullish on the prospect that the economy has not fallen off the cliff next year and that the Fed may have to remain aggressive on interest rates.

“Bitcoin’s fundamentals still support a healthy consolidation here, and should remain so as long as we don’t see a double dose of strong hiring on Friday and warmer-than-expected inflation next week.”

cryptocurrency trader Michael van de Poppe Bitcoin has entered a “long zone here after the correction,” he said. “Certainly interesting,” he tweeted, referring to Apex Coin’s chart.

Referring to the graph of the total market capitalization of cryptocurrencies, Justin Bennett, The June trend line was restored on Tuesday, he said. Earlier, the trader tweeted that the total market cap should break $923 billion on a daily closing basis.

Glassnode said that estimating the volumes of bitcoin entering and exiting exchanges by Whales (over 1,000 BTC in total) could help them arrive at a cost basis.

“The average price of Whale Deposits/Withdrawals since January 2017 is currently around $15,800,” the on-chain analytics firm said.

According to Santiment, the amount of new addresses created on the Ethereum side is still around 70,000 per day. The market intelligence platform tweeted that this was the highest reading since early August.

“After some uncertainty in mid-September [merge]the supply of $ETH on the exchanges has fallen to 14.6% again,” said Santiment, pointing to the normalization of the supply.

Read next: Ethereum Towers Announces NFT Flats Live Coin

About the author


Leave a Comment