Bitcoin and Ethereum show signs of recovery
Bitcoin (BTC) and Ethereum (ETH) have both seen a recent increase in their respective prices, indicating a potential path to recovery. BTC reached a level close to $42,200, with a daily increase of 1%. However, trading volume in crypto derivatives dropped by 55%, and liquidations surpassed $13.37 million, suggesting sell pressure. ETH was priced around $2,280, with a modest daily increase. The amount traded fell by nearly 50% to $8.44 billion. Both cryptocurrencies are experiencing a decline in large transaction volumes, suggesting reduced trading interest from investors.
Key metrics analysis: BTC vs ETH
According to IntoTheBlock’s metrics, Bitcoin’s large transaction volume decreased by 39.08% to $25.93 billion, while daily active addresses increased by 7.76%. The holder’s balance slightly rose to $581.26 billion. Exchange netflows saw a significant drop and touched negative $71.71 million. For Ethereum, the large transaction volume also decreased by 49.58% to $2.14 billion, while daily active addresses increased by 9.94%. Ethereum’s holder’s balance increased to $218.04 billion. Both cryptocurrencies experienced a decrease in transaction fees of over 30% due to reduced market volatility.
Analysts predict Ethereum’s outperformance
Crypto analyst Michaël van de Poppe believes that Ethereum will outperform Bitcoin in the near future, especially since the ETF approval. He pointed out a “massive weekly bullish divergence” and crucial resistance at 0.06 BTC. Van de Poppe anticipates further consolidation before a potential market uptrend.
Hot Take: Bitcoin and Ethereum show signs of recovery after sluggish week
Bitcoin and Ethereum have both shown signs of recovery after a week of sluggish price action. BTC has moved above the $40K mark, indicating a potential path to recovery. ETH has also managed to neutralize its position after significant losses. Key metrics analysis reveals a decline in large transaction volumes for both cryptocurrencies, as well as a decrease in transaction fees due to reduced market volatility. Analysts are betting on Ethereum’s outperformance in the upcoming period, citing bullish indicators and resistance levels. Overall, the crypto market is showing signs of resilience and potential growth.
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