Ethereum spiked and bitcoin On Tuesday evening, the global cryptocurrency market cap turned green as it rose 4.6% to $972.5 billion at 9:23 p.m. EDT.
| Coin | 24 hours | 7 days | Price |
|---|---|---|---|
| bitcoin BTC/USD | 4.5% | 4.55% | $20.153.09 |
| Ethereum ETH/USD | 9.8% | 12.8% | $1,469.73 |
| dogecoin DOGE/USD | 7% | 6.7% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Toncoin (TON) | +29.1% | $1.90 |
| Lido DAO (I DO) | 12.2% | $1.7 |
| cardano (ISLAND) | +10.2% | $0.40 |
See also: Top Cryptocurrencies Under 1 Cent
Why Important: Ethereum is up 12.5% so far this week. The second-largest cryptocurrency’s weekly gains eclipsed Bitcoin’s 4.35% gain over the time frame.
The two biggest coins were collected on Tuesday despite the Google parent Alphabet missing earnings estimates and Microsoft reveals continued poor guidance. The technology-heavy Nasdaq closed with an intraday increase of 2.25%.
Nasdaq futures were down 2.2%, while S&P 500 futures were trading 1.1% lower at the time of writing.
Michael van de Poppe He said that Ethereum “breaks a ton of levels” with its massive move. “The massive drop of $1,320 encourages a continuation towards $1,500. [Ethereum] will translate [Bitcoin] this is the cycle, but now is not the time to chase. “We are looking for some healthy corrections to take the next move to $1,600.”
#Ethereum He broke a ton of levels with this tremendous move.
Big drop of $1,320 causes a continuation towards $1,500.#Ethereum will translate #Bitcoin this is the cycle, but now is not the time to chase.
Looking for some healthy fixes to play the next move for $1,600. pic.twitter.com/z3d6O5nYY8
— Michaël van de Poppe (@CryptoMichNL) 25 October 2022
Meanwhile, an Ethereum whale wallet that has been inactive for over 6 years moved $22.2 million worth of ETH to an empty wallet. centimeter.
“[Ethereum’s] price has made a short jump above $1,500 for the first time since this trade +8.1%, the first time since the #merge 6 weeks ago,” the market intelligence platform tweeted.
A #Ethereum The whale wallet, which has been inactive for over 6 years, woke up today and carried $22.2 million worth of cash. $ETH into an empty wallet. $ETH‘s price is +8.1% since this transaction and briefly climbed above $1,500. #to connect 6 weeks ago. https://t.co/bLwZZwhJSa pic.twitter.com/L78mAfJHq2
— Santiment (@santimentfeed) 25 October 2022
“Both Bitcoin and Ethereum are gaining momentum as Wall Street converges several strong sessions. “The economy is showing signs of further weakening, which is helping to boost investors’ confidence that the Fed will be in a better position to lower the pace of tightening after next week’s FOMC meeting,” he said. Edward MoyaHe is a senior market analyst at OANDA.
Still, Moya pointed to a number of “big risk events” that will happen during the week, such as tech gains, major central bank decisions and GDP figures for the third quarter.
“On the upside, Bitcoin should find resistance around $20,500, with $18,500 providing strong support,” the analyst said in a note seen by Benzinga.
glass knot In a blog post, he drew attention to both bearish and bullish situations for Bitcoin. The on-chain analytics company said the bear case was a “historically low chain usage profile and a looming miner removal event.”
“With the $1.5 billion miner overhang, just one source of distressed BTC, and multi-year lows in both trading and transfer volumes, significant distribution can accommodate weak order books,” Glassnode said.
Bitcoin: Long-Term Capability Forecast — Courtesy of Glassnode
Hodling, on the other hand, is at an all-time high. “Despite being small in relative number, the faith of those who believe in Bitcoins is unwavering and their balance continues to grow thick and thin,” Glassnode said.
“Since the end of March 2022, Bitcoin mining difficulty has increased by 29% overall, while the Bitcoin price has fallen by 57% over the same period.”
“This shows that miners may experience a significant drop in profitability compared to just six months ago. However, Bitcoin’s hash rate was unaware of these numbers and points to an all-time high of 262 EH/s,” the independent analysis firm wrote in a note.
The price of BTC is once again approaching the estimated cost of electricity generation. “Currently, the production cost is $16.9k, while the BTC price is $19.8k with a 17% difference,” he said. Delphi Digital.
BTC Mining Difficulty, BTC Price, and Electricity Generation Cost — Courtesy of Delphi Digital
Delphi Digital noted that the cost of generating electricity “has consistently created a floor price for BTC” over the past five years.
“The price has only reached production cost three times in the network’s history: in December 2018, March 2020, and June 2022. After each of these examples, the price rose.”
Read Next: Bitcoin Breaks $20,000, Ending 3-Week Crash — Will Crypto Target Next $25K?
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