Leading cryptocurrencies like Bitcoin and Ethereum experienced a sharp decline on Thursday, bucking the trend of a strong stock market rally. While macro-economic data initially boosted Bitcoin towards $60,000, it quickly reversed course, dipping below $57,000. This downward movement triggered significant liquidations and increased short selling activity, reflecting a prevailing sense of fear in the market.
Ethereum’s price has dropped by nearly 4% in the past 24 hours, continuing a downward trend that has seen the coin lose value over the past week. This article provides a detailed analysis of the price movement, volatility, and trading volume for Ethereum, offering insights into the current market dynamics.
Bitcoin surged on Tuesday, fueled by positive sentiment following lower-than-expected inflation figures, while Ethereum and Dogecoin struggled to keep pace. The broader cryptocurrency market saw mixed performance with Bitcoin’s Open Interest rising, but the Long/Short Ratio dipped, indicating a cautious outlook. Analysts remain optimistic about Bitcoin’s potential, predicting further gains if key price levels are breached.
Ethereum’s recent rally, despite a rebound in the ETH/BTC ratio, might be short-lived, according to 10x Research. They suggest that underlying fundamentals remain weak, and the recent uptick is likely driven by short covering ahead of the CPI data release rather than a fundamental shift. Ethereum’s inflation, challenges facing spot ETFs, and the continued dominance of Bitcoin in the institutional market raise concerns about Ethereum’s long-term viability.
Leading cryptocurrencies, including Bitcoin and Ethereum, experienced a surge on Monday as investors anticipated the release of key inflation data. The market sentiment improved, with Bitcoin breaking above $60,000 and Ethereum reaching its highest level since last week’s sell-off. This rally comes ahead of crucial inflation reports that could provide insights into the health of the economy.
Michael van de Poppe, a prominent crypto analyst, has expressed skepticism towards the approval of an Exchange-Traded Fund (ETF) for Ethereum (ETH). Poppe highlighted the Ethereum ecosystem’s resilience and indicated low chances of ETF approval despite its potential for a value increase.
EOS experienced a significant rise of 10.11% on Thursday, marking its highest one-day gain since April 25, 2024, reaching a price of $0.9292. This upward movement increased the market capitalization of EOS to $1.0311 billion, representing 0.04% of the total cryptocurrency market value. Despite this surge, EOS remains down 95.96% from its all-time high of $22.98 set in 2018.
Former President Donald Trump’s cryptocurrency portfolio has experienced a significant upswing, surpassing $6.45 million in value. This represents a notable gain of over $1 million since April 17, driven primarily by the rise in TRUMP and Ethereum prices.
In a bold financial move, an Ethereum wallet address known as czsamsunsb.eth managed to secure an impressive profit of 121.65 ETH within a two-hour timeframe. This lucrative gain followed the depegging event of ezETH (Renzo Restaked ETH), a situation where the token’s value dropped significantly below its pegged price. Through a strategic investment of 4,099 ETH, the wallet holder purchased a substantial amount of ezETH, resulting in a remarkable profit of 121.65 ETH in a remarkably short period of time. Since the depegging event, ezETH has been on a bearish trend, indicating a likelihood of further support level breaches.
In the realm of cryptocurrency markets, Bitcoin (BTC) and Ethereum (ETH) displayed contrasting price movements on Tuesday. While BTC inched higher, ETH experienced a decline. Among the top ten gainers, Akash Network (AKT) emerged as the standout performer with a remarkable 49.6% surge. On the other hand, Ethena (ENA) suffered the most significant loss, plummeting by 7.6%. The overall crypto market cap exhibited a modest 0.2% increase, reaching $2.43 trillion.
