Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Bitcoin, Ethereum, Dogecoin subdued: Are traders in pain ahead as analyst says ‘bulls have had fun?’
Bitcoin was in the green Sunday night, even as the global cryptocurrency market cap fell 0.3% to $1.1 trillion at 8:20 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.75% | 9.1% | $21,800.95 |
| Ethereum ETH/USD | -0.7% | 11.4% | $1,761.84 |
| Dogecoin DOGE/USD | -1.8% | 0.7% | $0.06 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Celsius (CEL) | +14.8% | $1.60 |
| ApeCoin (MONKEY) | +10.65% | $5.61 |
| Pancake Swap (CAKE) | +4.2% | $4.53 |
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Why it matters: Bitcoin and Ethereum traded mixed, although stock futures rose marginally. S&P 500 and Nasdaq futures were up 0.1% and 0.2% respectively at time of writing.
Over the weekend, Bitcoin rose above the psychological $20,000 mark to hit a high of $21,760.28, while Ethereum hit a high of $1,784.50.
“Bitcoin is welcomed back by risk appetite and a falling US dollar. The broad market rally has rejuvenated cryptos, and it could continue if investors continue to look past hawkish central bank overtures and lingering recession risks,” said Edward Moyaa senior market analyst at OANDA.
Michael van de Poppe said markets are not looking for “continuation to the downside” and there is even “strength to the upside” as altcoins begin to shape up better.
The markets are not looking for a continuation down, there is potentially even strength to the upside #altcoins starting to take shape better.
Could be a fun Q4 this year.
— Michaël van de Poppe (@CryptoMichNL) 11 September 2022
The cryptocurrency trader said on Twitter: “Could be a fun fourth quarter this year.”
Justin Bennett struck a more cautious note, tweeting: “Bulls have had fun but whole [crypto] the market is 5% below a massive resistance area.”
“Probably another push higher before the next leg down.” The trader reminded his followers that US inflation data is due on Tuesday and Wednesday and that they “expect volatility.”
Hope everyone had a great weekend!
Bulls have had fun, but whole #crypto the market is 5% below a massive resistance area.
Probably another push higher before the next leg down.
US inflation data on Tuesday and Wednesday, so expect volatility. $BTC $ETH pic.twitter.com/K8niV3xcE8
— Justin Bennett (@JustinBennettFX) 11 September 2022
Also expected this week is “The Merge” – Ethereum’s transition from a proof-of-work mechanism to a proof-of-stake model, which is scheduled for Thursday.
CoinMarketCap said in a recent memo written with Glass node that more than 11.2% of ETH’s circulating supply now participates in PoS consensus.
Ethereum issuance and EIP 1559 burn rates — courtesy of Glassnode
“Given on-chain demand, and thus gas prices are currently very soft, this highlights that with any meaningful uptick in gas tax pressure, ETH can reasonably be expected to become a net deflationary supply capital.”
Read next: After Predicting Bitcoin at $100,000, Crypto Analyst Anthony Pompliano Now Says “Price Predictions Are a Fool’s Game”
