Markets wrap: Ethereum breaks ,700
Posted by freemexy on March 16th, 2021
Bitcoin and Ethereum, the worlds biggest cryptocurrencies by market cap, saw a mixed day on Monday as price chopped between a narrow range.To get more news about WikiFX, you can visit wikifx.com official website.
Bitcoin fails to break k
Bitcoins price charts show resistance in the ,000-,200 level, one the asset broke earlier this year while setting its all-time high of over ,000.As the above image shows, Bitcoin trades above its 34-period moving average, a tool used by traders to determine the market trend, indicating higher prices in the short term. However, on-chain sentiment data from IntoTheBlock flash a “bearish,” suggesting a decline in prices. The two indicators combined suggest the market remains choppy.
Fundamentally, however, Bitcoin remains in a strong position. Earlier todaysaw Kjell Inge Rokke, a Norwegian billionaire and founder of oil company Aker ASA, invest over million into BTC.
He said Bitcoin could one day “become the core of a new monetary architecture” and predicted its price to reach “millions of dollars,” but cautioned the bet could “still go to zero.”
Ethereum upgrade drives it to ,700…but not beyond
As the below image shows, ETH remains in a strong uptrend (since ,500) and trades above its 34-period moving average. It saw selling at the ,750 level, however, but was picked up by traders at the ,720 level in the US hours. Apart from the strong fundamental narrative of the EIP-1559, Ethereum saw an institutional push over the weekend. Meitu, a Hong Kong-listed Chinese company, said it had picked up over million worth of ETH (and million worth of Bitcoin) on Friday via a portion of its treasury funds.
About the Authorfreemexy
Joined: December 6th, 2018
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