Bitcoin, Ethereum soar, Dogecoin slips: Analyst says Apex Coin Fundamentals “still support healthy consolidation
Major coins were trading slightly higher on Wednesday night, even as the global cryptocurrency market cap fell 0.6% to $963.8 billion as of 8:27 p.m. EDT.
| coin | 24 hours | 7-Take | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 0.2% | 4% | $20,250.79 |
| Ethereum (CRYPTO: ETH) | 0.4% | 1.85% | $1,363.45 |
| Dogecoin (CRYPTO: DOGE) | -0.6% | 7.4% | $0.065 |
| Cryptocurrency | 24 Hour % Change (+/-) | Price |
|---|---|---|
| Ethereum Name Service (ENS) | +9.3% | $17.46 |
| Helium (HNT) | +6.4% | $5.62 |
| Trust Wallet Token (TWT) | +6.26% | $0.975 |
See also: How to get free crypto
Why it matters: Bitcoin and Ethereum traded slightly in the green Wednesday night as the two-day stock market rally drew to a close. At the time of writing, US stock futures were also slightly up.
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The ISM Services PMI, an index that shows the direction of economic trends in the service sectors, fell to 56.7 in September from 56.9 in August, but beat market estimates.
“The economy is too strong for the Fed to pivot. The strong start to October is over after both a private payrolls report and service sector data reminded investors how strong some parts of the economy remain,” said Edward Moya , a senior market analyst at OANDA.
Speaking on Bitcoin, Moya said: “The strong start to October is over and markets were quickly reminded that calls for a Fed pivot were once again premature. Traders were quickly reminded that the economy is not falling off a cliff and that the Fed may need to stay aggressive with its rate hike cycle next year.
“Bitcoin's fundamentals still support healthy consolidation here and that should remain the case until we see a double dose of robust new hires on Friday and much hotter than expected inflation next week.”
Cryptocurrency trader Michaël van de Poppe said that Bitcoin “enters a long zone here after a correction.” He tweeted, "Definitely interested," referring to a chart of Apex coin.
Referring to a chart of the total cryptocurrency market cap, Justin Bennett said that the June trendline was recaptured on Tuesday. Earlier, the trader tweeted that the total market cap needs to break $923 billion on an end-of-day basis.
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Glassnode said that an assessment by Whales (who own more than 1,000 BTC in total) of the volume of Bitcoin going in and out of exchanges can help them determine their cost basis.
“The average price of whale deposits/withdrawals since Jan-2017 is currently” $15,800, the on-chain analytics firm said.
On the Ethereum side, the number of newly created addresses is back to around 70,000 per day, according to Santiment. The market research platform tweeted that this was the highest level since early August.
“After some uncertainty surrounding the merger in mid-September, $ETH supply on exchanges has fallen back to 14.6%,” Santiment said, indicating a normalization in supply.
Read more: Ethereum Towers NFT Apartments announces live mining
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