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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). 0.25% loss in the previous 24 hours. 24 Hour Bitcoin Range: $ 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% in the previous 24 hours. 24 Hour Ethers Range: $ 2,677 – $ 2,840 (CoinDesk 20)
Remember when bitcoin was at $ 59,506?
Hourly Bitcoin price table on Bitstamp since June 4.
Source: TradingView
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 based on CoinDesk data 20. Bitcoin then fell below $ 36,000, to $ 35,679 at time of publication.
We are now seeing 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.
Historic Bitcoin price last month.
Source: CoinDesk 20
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 certainly, but the energy is still not on the market, said Chris Thomas, head of digital assets at Swissquote Bank. That said, the energy is moving towards the ether of bitcoin.
Read more: Bitcoin and Gold Likely to Withstand Fed Cut, SkyBridge Capital Says
Ether signals some uptrend
Hourly Ether price table on Bitstamp since June 4.
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.
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 rising, Trade the Chains Mancini noted. These are all bullish signs in a bullish technical formation.
Another uptrend: The dominance of the Ethers, or its share of the larger cryptocurrency ecosystem, is at 19.78% at time of publication, the highest since May 16.
Dominance of ethers on the hourly chart since early May.
Source: TradingView
Ether volumes greater than those of bitcoin
Daily Bitcoin and Ether Volumes Last Month.
Source: CoinGecko
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 bitcoin stuck 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.
Amount of BTC stuck in DeFi in the past six months.
Source: 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 the price development over the next few days.
And while analysts like Trade the Chains Mancini are bullish, Alessandro Andreotti, an over-the-counter crypto trader, echoed QCP 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):
Gold was up 0.50% to $ 1,899 at the time of publication.
Read more: Remember JPM Coin? The next step is programmable money, according to Bank Exec
The yield on 10-year US Treasury bonds climbed 1% on Monday to 1.569.
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