Bitcoin was in the green on Sunday evening, even as the global cryptocurrency market capitalization fell 0.3% to $1.1 trillion as of 8:20 p.m. EDT.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|Pancake Swap (CAKE)||+4.2%||$4.53|
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Why is this important: Bitcoin and Ethereum traded mixed, although stock futures rose slightly. S&P 500 and Nasdaq futures were up 0.1% and 0.2%, respectively, at the time of writing.
Over the weekend, Bitcoin broke through the psychological $20,000 mark and hit a high of $21,760.28, while Ethereum hit a high of $1,784.50.
“Bitcoin welcomes the return of risk appetite and the falling US Dollar. The broad market rally has rejuvenated cryptos and that could continue if investors continue to look past the central bank’s hawkish openings and the markets. persistent recession risks,” said Edouard Moyasenior market analyst at OANDA.
Michael van de Poppe said the markets aren’t looking for a “continuation downside” and that there is even “upside force” as altcoins are starting to shape better.
The markets are not looking for further downside, there is potentially even upward force as #altcoins begin to form better.
Could be a fun Q4 this year.
— Michael van de Poppe (@CryptoMichNL) September 11, 2022
The cryptocurrency trader said on Twitter: “This could be a fun fourth quarter of this year.”
Justin Bennett struck a more cautious note and tweeted, “Bulls had fun, but the whole [crypto] the market is 5% below a massive resistance zone.
“Probably another push higher before the next step down.” The trader reminded his followers that US inflation data is due on Tuesday and Wednesday and they “expect volatility.”
Hope everyone had a great weekend!
The bulls had a good time, but the whole #crypto the market is 5% below a massive resistance zone.
Probably another push higher before the next leg down.
— Justin Bennett (@JustinBennettFX) September 11, 2022
Also expected this week is “The Merge” – Ethereum’s move from a proof-of-work mechanism to a proof-of-stake model, which is scheduled for Thursday.
CoinMarketCap said in a recent memo written with glass knot that more than 11.2% of the circulating supply of ETH is now participating in the PoS consensus.
Ethereum Issuance and EIP 1559 Burn Rate – Courtesy of Glassnode
“Given the on-chain demand, and therefore very low gas prices at the moment, this underscores that with any significant increase in pressure on gas charges, it can reasonably be expected that the ‘ETH becomes a net deflationary supply asset.’
Read more : After predicting Bitcoin at $100,000, crypto analyst Anthony Pompliano now says “price predictions are fools’ game”
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