Major Coins Traded Mixed As Global On Thursday Night Cryptocurrency Market cap increased 0.5% to $947 billion at 8:11pm EDT.
|dogecoin Doge/US Dollar||0%||1.8%||$0.06|
|Cryptocurrency||24 hour rate of change (+/-)||price|
Related item: best crypto debit card
Important reasons: Ethereum traded in the red, but the major coin appeared to rebound in the face of a technical meltdown in the stock market on Thursday.Nasdaq Close 300 points or more The S&P is down nearly 80 points.
Nasdaq and S&P 500 futures are slightly higher at 0.3% each at the time of writing.
“Bitcoin’s correlation with technology stocks remains, but not as bad as it has been for most of this cycle,” he said. Oanda Senior Market Analyst Edward Moyain a note that Benzinga saw.
“Despite a nearly 4% drop on the Nasdaq, Bitcoin is still above $19,000. Wall Street thinks the cryptocurrency is nearing a bottom and will be attractive if Treasury yields peak. They seem to think it will be a decentralized strategy.”
“Calls for another cryptocurrency crash are rather quiet,” said Moya. He said Bitcoin has a “huge following” above $18,000.
Market intelligence platform santimento If the correlation between bitcoin and equities eases, he said, “this is very promising.”
#bitcoin It stops around $19.4k, #ethereum $1,340 today. But the story is the fact that they are doing so without government support. #SP500, down -2.4%.If the correlation between #Crypt & #stockwhich is very encouraging. https://t.co/2cs5JJiSZZ pic.twitter.com/kIpGjnqz9w
— Santiment (@santimentfeed) September 29, 2022
global block Analyst Marcus Sotirio He pointed to on-chain analysis that he said showed some bullish signs as far as apex crypto is concerned.
Comparing long-term holders’ (LTH) realization prices with short-term holders’ realization (STH) prices, the STH realization price has exceeded the LTH realization price only three times in Bitcoin’s history until the end of last week. He said.
Bitcoin — Cost-Based Analysis, Provided by GlobalBlock via Glassnode
“Other occasions when this has happened have indicated a bottoming process. If Bitcoin follows the same pattern as the previous bear market, we may see a resumption of the bull market when the STH band bounces back across the LTH band. We can pay attention to what it might show,” says Sotiriou.
glass node tweeted on Thursday that LTH’s profitability had fallen to levels seen during the December 2018 bear market low.
“Long-term holders are selling $BTC at an average loss of 42%, indicating that LTH’s spent coin cost base is around $32,000,” said the on-chain analytics firm.
#bitcoin Profitability for long-term holders has fallen to levels last seen when the December 2018 bear market bottomed out.
sold by long-term holders $BTC The average loss is 42%, indicating that LTH’s spent coin cost base is around $32,000.
— Glassnode (@glassnode) September 29, 2022
British economic hardship Continue to influence Bitcoin. Vertex Coin’s trading volume increased 11-fold on Thursday, according to Michael van de Poppe.
The cryptocurrency trader tweeted, “Bitcoin is the exit.
#bitcoin Trading volume increased 11-fold in the UK that day.
Bitcoin is a loophole.
However, by the time most people realize this, it will be too late.
That’s why now is the time to stack up.
— Michael Van de Poppe (@CryptoMichNL) September 29, 2022
Read the following: What’s Happening on Cardano? What You Need to Know About the Vasil Hard Fork