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Investors are placing bitcoin in places like Decentralized Finance (DeFi) while enthusiasm for ether trading continues to be high.
Bitcoin (BTC) trading around $ 35,679 at 9:00 p.m. UTC (4:00 p.m. ET). Lose 0.25% in the previous 24 hours.
24-hour range of Bitcoin: $ 35,335 – $ 36,742 (CoinDesk 20)
Ether (ETH) trading around $ 2,736 at 9:00 p.m. UTC (4:00 p.m. ET). In the green 2% over the previous 24 hours.
24 Hour Ether Range: $ 2,677 to $ 2,840 (CoinDesk 20)
Remember when bitcoin was at $ 59,506?
Bitcoin, the world’s largest cryptocurrency by market cap, was down 0.25% on Monday at the time of publication. It was below the 10 o’clock moving average and at 50 o’clock, a bearish signal for market technicians.
The price of BTC rose from $ 35,335 at 10:45 p.m. UTC (6:45 p.m. ET) Sunday to $ 36,742 at 2:45 a.m. UTC Monday (10:45 p.m. ET Sunday), a 4% increase on the basis of CoinDesk 20 data. Bitcoin then fell below $ 36,000 to $ 35,679 at time of publication.
Related: Investors Consider Bitcoin’s Possible Embrace In El Salvador Too Small To Move The Market
“We are now seeing a consolidation, with higher lows, and we want to see bitcoin gradually move up towards the uptrend,” said Nick Mancini, research analyst at crypto sentiment platform Trade the Chain . “We expect to see a big price movement in the next 48-72 hours.”
Lest traders and investors forget, less than a month ago the price of bitcoin was above $ 55,000. Specifically, according to data from CoinDesk 20, the BTC spot was at $ 59,506 on May 8.
“The lineup is going to explode, yes definitely, but the energy is still not on the market,” said Chris Thomas, head of digital assets at Swissquote Bank. “That said, energy is shifting from bitcoin to ether.”
Read more: Bitcoin and Gold Likely to Withstand Fed Cut, SkyBridge Capital Says
Ether signals some uptrend
Related: El Salvador About To Become The First Bitcoin Country: How Important Is It?
Ether, the second largest cryptocurrency by market cap, was trading around $ 2,736 at 9:00 p.m. UTC (4:00 p.m. ET), climbing 2% in the previous 24 hours. The asset is below the 10-hour moving average but close to 50 hours, a flat to bearish signal for market technicians.
The story continues
Ether rose from $ 2,677 at 10:45 p.m. ET (6:45 p.m. ET) Sunday to $ 2,840 at 4:15 p.m. UTC (9:15 a.m. ET) on Monday, a 6% jump based on CoinDesk 20 data ETH has lost some of that climb, to $ 2,736 at time of publication.
“Ether has hit higher highs, backlog support continues to rise and sentiment is increasing,” noted Mancini of Trade the Chain. “These are all bullish signs in a bullish technical formation.”
Another uptrend: Ether’s dominance, or its share of the larger cryptocurrency ecosystem, is 19.78% at time of publication, the highest since May 16.
Ether volumes greater than those of bitcoin
Bitcoin and Ether volumes have been lower lately, but a signature phenomenon persists: ETH trading volumes have been higher than BTC for nine consecutive days. On Sunday, Ether volumes on the major spot exchanges tracked by CoinDesk hit $ 28 million, while bitcoin was a bit behind at $ 27 million.
Traders seem to be feeling some exhaustion when it comes to bitcoin, and they might move some of their investment to DeFi apps where they can park it in blockchain-based protocols to earn a return on the asset. The amount of “stuck” bitcoin in DeFi is 181,455 BTC, the highest since February 26, when it hit a six-month high of 194,519 BTC, according to DeFi Pulse.
Pressure from China
Mainland Chinese government officials continue to put pressure on crypto mining and trading, quantitative fund QCP Capital noted over the weekend in an investor update. Some investors might park bitcoin for now, especially given the relative lull in the market over the past week.
“As China continues to strengthen its cryptocurrency regulations, the central government has blocked Weibo accounts that promote crypto investing and mining activities,” QCP said. “We will be monitoring price developments over the next few days.”
And while analysts like Trade the Chain’s Mancini are bullish, Alessandro Andreotti, an over-the-counter crypto trader, echoed QCP’s skepticism.
“Right now the market is going through a bit of uncertainty,” Andreotti said. “Personally, I think the bears could be here to stay for a while. “
Read more: Cayman Islands, United States and Gibraltar are the main jurisdictions for crypto hedge funds
Other markets
Digital assets on CoinDesk 20 are mixed, but mostly lower on Monday. Notable Winners at 9:00 p.m. UTC (4:00 p.m. ET):
Notable losers:
Actions:
Merchandise :
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Treasury :
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