Crypto Shuttle News

Tag: Struggles

  • Bitcoin’s Market Dominance Increases, Price Struggles around $36,000

    Bitcoin’s Market Dominance Increases, Price Struggles around $36,000

    [ad_1]

    In the latest crypto sell-off, BTC holders suffered huge losses. However, there was one bright spot for the holders of Bitcoin. The overall market dominance of the most valuable digital currency spiked by more than 4% in the last 8 weeks and crossed 42% on Friday.

    In a jittery season for crypto bulls, the overall value of digital currencies plunged by approximately $1.4 trillion since 10 November 2021. The latest surge in BTC’s market dominance indicates that other digital currencies dropped more than Bitcoin in the recent market sell-off.

    To put things into perspective, Ethereum has lost nearly 20% of its value just in the last 7 days. The correction in Solana was even worst as SOL dipped by 30% during the same period. Bitcoin performed relatively better with a drop of just 6% during the recent week.

    In terms of drawdown from its all-time high levels, BTC is currently trading nearly 48% down from its all-time high level in November 2021. Cryptocurrency assets like Solana and Dogecoin are down 65% and 75%, respectively from their all-time highs.

    Bitcoin Transfer Volume and Whales

    With weak sentiment among retail traders, BTC whales are dominating the current market. Large transactions currently account for most of the trading volume. “Bitcoin transfer volumes continue to be dominated by institutional size flows, with more than 65% of all transactions being larger than $1M in value. The uptrend in institutional dominance in on-chain volumes started around Oct 2020 when prices were around $10k to $11k,” Glassnode noted.

    “BTC whale addresses with 100+ Bitcoin continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. In the past 5 years, 1.7M BTC has been added to these large addresses, including 60k more in the past 2 months,” Santiment highlighted in a Tweet.

    In the latest crypto sell-off, BTC holders suffered huge losses. However, there was one bright spot for the holders of Bitcoin. The overall market dominance of the most valuable digital currency spiked by more than 4% in the last 8 weeks and crossed 42% on Friday.

    In a jittery season for crypto bulls, the overall value of digital currencies plunged by approximately $1.4 trillion since 10 November 2021. The latest surge in BTC’s market dominance indicates that other digital currencies dropped more than Bitcoin in the recent market sell-off.

    To put things into perspective, Ethereum has lost nearly 20% of its value just in the last 7 days. The correction in Solana was even worst as SOL dipped by 30% during the same period. Bitcoin performed relatively better with a drop of just 6% during the recent week.

    In terms of drawdown from its all-time high levels, BTC is currently trading nearly 48% down from its all-time high level in November 2021. Cryptocurrency assets like Solana and Dogecoin are down 65% and 75%, respectively from their all-time highs.

    Bitcoin Transfer Volume and Whales

    With weak sentiment among retail traders, BTC whales are dominating the current market. Large transactions currently account for most of the trading volume. “Bitcoin transfer volumes continue to be dominated by institutional size flows, with more than 65% of all transactions being larger than $1M in value. The uptrend in institutional dominance in on-chain volumes started around Oct 2020 when prices were around $10k to $11k,” Glassnode noted.

    “BTC whale addresses with 100+ Bitcoin continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. In the past 5 years, 1.7M BTC has been added to these large addresses, including 60k more in the past 2 months,” Santiment highlighted in a Tweet.



    [ad_2]

    Source link

  • Bitcoin Struggles near $800 Billion Market Cap

    Bitcoin Struggles near $800 Billion Market Cap

    [ad_1]

    Since the start of 2022, the crypto market cap has been shrinking. Bitcoin is leading the latest market dump. The crypto asset lost nearly 20% of its value in the last 10 days as its market cap dipped below $800 billion.

    Bitcoin is not the only digital asset facing a market correction these days. Ethereum’s performance is even worst. ETH plunged heavily over the weekend and reached a low of $3,035 on Saturday. The digital asset has lost almost a quarter of its value since the start of 2022.

    Crypto analysts across the market called the correction a natural portfolio adjustment after a substantial bullish rally in 2021. However, some short-term investors are worried about Bitcoin’s lackluster network activity this year.

    “With one week of 2022 in the books, crypto market caps have been shrinking quite rapidly. Whale behaviors and on-chain fundamentals haven’t been looking so hot. But during these times, it’s often easy to forget that social sentiment plays a major role in how and when things will turn around,” Santiment noted in its report.

    Bitcoin and Institutions

    2021 was a remarkable year for Bitcoin in terms of institutional adoption. With technology giants like Tesla announcing multi-billion dollar investment in the crypto asset, existing BTC holders increased their crypto holdings. In 2022, leading crypto investors are optimistic about the wider adoption of Bitcoin. In a discussion with CNBC last week, Mike Novogratz, CEO of Galaxy Digital, said that many institutions are planning to add Bitcoin to their balance sheets.

    “We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term. I know big institutions that are going through their process to put positions on. They’re going to see those as attractive levels to buy. On the charts, $38,000, $40,000 feel like where we should bottom,” Novogratz explained.

    Since the start of 2022, the crypto market cap has been shrinking. Bitcoin is leading the latest market dump. The crypto asset lost nearly 20% of its value in the last 10 days as its market cap dipped below $800 billion.

    Bitcoin is not the only digital asset facing a market correction these days. Ethereum’s performance is even worst. ETH plunged heavily over the weekend and reached a low of $3,035 on Saturday. The digital asset has lost almost a quarter of its value since the start of 2022.

    Crypto analysts across the market called the correction a natural portfolio adjustment after a substantial bullish rally in 2021. However, some short-term investors are worried about Bitcoin’s lackluster network activity this year.

    “With one week of 2022 in the books, crypto market caps have been shrinking quite rapidly. Whale behaviors and on-chain fundamentals haven’t been looking so hot. But during these times, it’s often easy to forget that social sentiment plays a major role in how and when things will turn around,” Santiment noted in its report.

    Bitcoin and Institutions

    2021 was a remarkable year for Bitcoin in terms of institutional adoption. With technology giants like Tesla announcing multi-billion dollar investment in the crypto asset, existing BTC holders increased their crypto holdings. In 2022, leading crypto investors are optimistic about the wider adoption of Bitcoin. In a discussion with CNBC last week, Mike Novogratz, CEO of Galaxy Digital, said that many institutions are planning to add Bitcoin to their balance sheets.

    “We see a tremendous amount of institutional demand on the sidelines. I’m not nervous in the medium-term. I know big institutions that are going through their process to put positions on. They’re going to see those as attractive levels to buy. On the charts, $38,000, $40,000 feel like where we should bottom,” Novogratz explained.

    [ad_2]

    Source link

  • Ethereum Topside Bias Vulnerable If It Struggles Below $3K

    Ethereum Topside Bias Vulnerable If It Struggles Below $3K

    [ad_1]

    Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

    • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
    • The price is now trading below $3,000 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

    Ethereum Price Remains At Risk

    Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

    The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

    The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

    More Losses in ETH?

    If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

    The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is still below the 50 level.

    Major Support Level – $2,650

    Major Resistance Level – $3,000

    [ad_2]

    Source link

  • Bitcoin Struggles Near $33,000 Price Level

    Bitcoin Struggles Near $33,000 Price Level

    [ad_1]

    Bitcoin, the world’s most valuable digital asset, is currently struggling around the price level of $33,000 amid negative market sentiment. BTC has lost nearly 5% of its value since 7 July 2021.

    According to the latest data published by Coinmarketcap, the overall market cap of digital currencies dropped by approximately $50 billion in the last 24 hours led by a correction in Bitcoin, Ethereum, Cardano, and Binance Coin. Ethereum remained the worst performer among the top 5 digital currencies with a drop of more than 5%.

    Bitcoin’s total market cap dipped below $620 billion on 13 July 2021. The world’s largest cryptocurrency now has a market dominance of 45.6%. The price of BTC has remained below $40,000 since 16 June.

    Suggested articles

    EuropeFX Expands its CFD Portfolio with 14 New CryptocurrenciesGo to article >>

    BTC chart
    BTC Chart (coinmarketcap)

    “Bitcoin’s average return for 6-month investors is sitting at a very low -27.81%. When traders are this underwater, FUD typically arises in the form of negative-driven posts. Keep this negative bias in mind & take crowd takes with a grain of salt,” crypto analytics platform Santiment mentioned on Twitter.

    Quiet Week for Bitcoin

    Last week remained very quiet for Bitcoin as the volatility decreased significantly. BTC’s on-chain activity also dropped sharply in the last few days. “It has been an impressively quiet week in the Bitcoin market as volatility continues to seep out, and prices squeeze into a tight consolidation range. The week opened at a high of $35,128 and traded down to a low of $32,227. It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative, and on-chain metrics,” on-chain analysis firm Glassnode mentioned in its latest weekly report.

    Last week, Meitu, one of the leading technology firms in Asia, revealed that the fair value of the company’s Bitcoin holdings decreased by more than $17 million due to the latest correction in the price of BTC. The company purchased nearly $100 million worth of Bitcoin and Ethereum (ETH) in March 2021.



    [ad_2]

    Source link