Home » Ethereum Rally Outshines Bitcoin, Dogecoin Gains: Analyst Sees ETH-BTC Flippening On The Horizon – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Ethereum Rally Outshines Bitcoin, Dogecoin Gains: Analyst Sees ETH-BTC Flippening On The Horizon – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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ethereum with spikes Bitcoin The whole earth turned green on Tuesday night Cryptocurrency As of 9:23 p.m. EDT, the market cap was up 4.6% to $972.5 billion.

Price performance of major coins
coin 24hours 7 days price
Bitcoin Bitcoin/USD 4.5% 4.55% $20,153.09
ethereum Ethereum/USD 9.8% 12.8% $1,469.73
dogecoin Doge/US Dollar 7% 6.7% $0.06

24 hour top gainers (data via CoinMarketCap)
Cryptocurrency 24 hour rate of change (+/-) price
ton coin (tons) +29.1% $1.90
Lido DAO (I will do it) 12.2% $1.7
Cardano (ADA) +10.2% $0.40

Related item: Best cryptocurrency under 1 cent

Important reasons: Ethereum is up 12.5% ​​so far this week. The second-largest coin’s weekly rise overshadowed Bitcoin’s 4.35% rise in the timeframe.

Two Biggest Coins Gathered Tuesday Despite Google’s Parent Company alphabet No revenue estimate When microsoft make clear weak guidance progressing. Tech-heavy Nasdaq closed 2.25% higher during the day.

Nasdaq futures are down 2.2% and S&P 500 futures are down 1.1% at the time of writing.

Michael van de Poppe said that Ethereum had “beaten a ton of levels” in its massive move. “Great reversal of $1,320, continuing towards $1,500. [Ethereum] invert [Bitcoin] This cycle, but now is not the time to chase it. Looking for some healthy corrections to make the next move to $1,600,” the cryptocurrency trader said on Twitter.

Meanwhile, the Ethereum whale wallet, which has been inactive for over six years, has moved $22.2 million worth of ETH into an empty wallet. santimento.

“[Ethereum’s] Since this transaction, the price has +8.1%, temporarily surpassing $1,500 for the first time since the #merge six weeks ago,” the market intelligence platform tweeted.

“Both Bitcoin and Ethereum are gaining momentum as Wall Street gathers some strong sessions. It helps me feel more confident that I’m in a better position to tighten up and slow down after the meeting. Edward MoyaSenior Market Analyst at OANDA.

Still, Moya noted that “several major risk events” are slated for the week, including earnings from tech companies, major central bank decisions and third-quarter GDP figures.

In a note seen by Benzinga, analysts said, “Bitcoin should find resistance at around $20,500, with strong support at $18,500.

glass node In a blog post, I pointed out both bearish and bullish cases for Bitcoin. The on-chain analytics firm said the bear case is a “historically low on-chain usage profile and looming miner deleveraging event.”

“The $1.5 billion miner overhang is just one of the reasons BTC is in trouble, with both transaction and remittance volumes at multi-year lows, resulting in a thin order book with high volume circulation. We have the potential to meet,” said Glassnode.

Bitcoin: Estimating Long-Term Holder Supply Acquisition — Courtesy Glassnode

Hodling, on the contrary, has an all-time record. “Despite their relatively small numbers, bitcoin aficionados remain steadfast in their beliefs, and their balance continues to grow through thick and thin,” Glasnode said.

Since the end of March 2022, Bitcoin mining difficulty has increased by a total of 29%, while the Bitcoin price has fallen by 57% over the same period,” said Delphi Digital.

“This suggests that miners may be experiencing a significant drop in profitability from just six months ago. A record 262 EH/s,” the independent analysis firm wrote in a note.

The price of BTC is once again approaching the estimated cost of producing electricity. “Currently, the production cost is $16.9 thousand, but the BTC price is $19.8 thousand, a difference of 17%.” Delphi Digital.

BTC Mining Difficulty, BTC Price, Electricity Production Cost — Courtesy of Delphi Digital

Delphi Digital noted that the cost of producing electricity “consistently marks the lowest price for BTC” over the past five years.

“There are only three times in the history of the network that the price has reached the cost of production: December 2018, March 2020, and June 2022. After each of these instances, the price has gone up. .”

Read the following: Bitcoin Surpasses $20,000, Ending 3-Week Slump — Will Cryptocurrency Target $25,000 Next?

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