Ethereum Gains Surpass Bitcoin, Dogecoin: Analyst Says ‘Scalp Trading’ Activated On Apex Crypto Could Push It To $22K – Bitcoin (BTC/USD), Ethereum (ETH/USD)

[ad_1]

Major coins were seen in the green on Sunday evening as the global cryptocurrency market cap rose 1% to $947.5 billion at 9:19 pm EDT.

Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC/USD 0.5% 2.1% $19,507.12 Ethereum ETH/USD 1.7% 4.1% $1,335.24 Dogecoin DOGE/USD 1.2% 4.5% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price TerraClassicUSD (USTC) +16.9% $0.03 Casper (CSPR) +6.2% $0.04 XRP (XRP) +5.55% $0.54

See Also: Best Crypto Debit Cards

Why It Matters: Bitcoin and Ethereum were seen trading higher intraday even as US stock futures opened up in the red at the beginning of the fresh trading week. The S&P 500 and Nasdaq futures were trading 0.5% lower each at the time of writing.

Ethereums gains outstripped those of Bitcoin on an intraday and seven-day basis.

There was a surge in the number of new Ethereum addresses created on Sunday. Santiment tweeted that 135,780 new ETH addresses popped up on the network.

This is 11.1% more network growth than the next highest of 2022 (Jan 3rd). Utility rises commonly foreshadow potential asset breakouts, said the market intelligence platform.

#Ethereum saw a surge of new addresses created Saturday, with 135,780 new $ETH addresses popping up on the network. This is 11.1% more network growth than the next highest of 2022 (Jan 3rd). Utility rises commonly foreshadow potential asset breakouts. https://t.co/tIRv6sJxJc pic.twitter.com/boA6v5jk8W

Santiment (@santimentfeed) October 9, 2022

On the macro front, data from the Labor Department indicated that the US added 263,000 jobs in September the number was higher than the 250,000 number estimated by economists.

OANDA Senior Market Analyst Edward Moya said that we wont be seeing a Fed downshift at the next FOMC meeting in November.

The labor market is still strong and inflation is not dropping quickly, which still means the Fed could take rates as high as 5% and that will break parts of the economy, wrote Moya in a note seen by Benzinga.

Bitcoin still seems poised to remain in its consolidation pattern, said Moya after the non-farm numbers came out and warned that the upcoming inflation report in the fresh trading week could change that.

The consumer price index data is slated to come out on Thursday. Risk assets would also be affected by the release of earnings data from some major banks this week.

Meanwhile, the Crypto Fear & Greed Index indicated Extreme Fear going into the fresh trading week. The measure has remained unchanged from last week.

Michal van de Poppe said that “scalp trading” has been activated on Bitcoin. If this plays out, swing longs are probably the way to go too. Cracking [$20,000] and I assume we’ll see [$22,000].

Scalp trade on #Bitcoin activated.

If this plays out, swing longs are probably the way to go too.

Cracking $20K and I assume we’ll see $22K+. pic.twitter.com/0OA7TvJEiv

Michal van de Poppe (@CryptoMichNL) October 9, 2022

CryptoQuant analyst Dan Lim said the longer the cryptocurrency market falls the less short-term buying takes place in a post.

The community-oriented analysis platform said on Twitter that Bitcoin was in a No One Buy zone.

$BTC – we are in the “No One Buy” zone

“… there are not many people who actually buy when the price falls for a long time.” by @DanCoinInvestor

Read Morehttps://t.co/Dn45Q2xlSk

CryptoQuant.com (@cryptoquant_com) October 7, 2022

Read Next: PayPal Says Plan To Charge Customers $2,500 For Misinformation Was An ‘Error’; Elon Musk, Former Executives Slam Company

[ad_2]