Major coins traded slightly higher on Wednesday evening, even as the global cryptocurrency market cap fell 0.6% to $963.8 billion as of 8:27 p.m. EDT.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|Ethereum name service (ENS)||+9.3%||$17.46|
|Trust Wallet Token (TWT)||+6.26%||$0.975|
See also: How to get free crypto
Why is this important: Bitcoin and Ethereum traded slightly in the green on Wednesday evening as the two-day stock market rally came to an end. At the time of writing, US stock futures were also slightly higher.
The ISM Services PMI, an index that measures the direction of economic trends in services sectors, fell to 56.7 in September from 56.9 in August, but beat market estimates.
“The economy is too strong for the Fed to pivot. The good start to October is over after a report on private payrolls and services sector data reminded investors how bad parts of the economy remain strong,” said Edouard Moyasenior market analyst at OANDA.
On Bitcoin, Moya said, “The good start to October is over and markets were quickly reminded that the Fed’s pivot calls were premature again. Traders were quickly reminded that the economy is not falling off a cliff and that the Fed may need to stay aggressive with its rate hike cycle next year.
“Bitcoin fundamentals are still supporting healthy consolidation here and that should stay the case until we see a double dose of robust hiring on Friday and much higher than expected inflation next week.”
Trader in cryptocurrency Michael van de Poppe said Bitcoin is “in a long zone here after a correction.” He tweeted, “Definitely interested” while referring to a chart of the apex coin.
#Bitcoins is in a long zone here after a correction.
Certainly interested. pic.twitter.com/gbUHJxlOpq
— Michael van de Poppe (@CryptoMichNL) October 5, 2022
Referring to a graph of the total market capitalization of cryptocurrencies, Justin Bennet, said the June trend line was retrieved on Tuesday. Previously, the trader tweeted that the total market capitalization was expected to exceed $923 billion on a daily closing basis.
$TOTAL retrieved the June trendline yesterday. Bullish recovery from now.
— Justin Bennett (@JustinBennettFX) October 5, 2022
Glassnode said an assessment of Bitcoin volumes entering and leaving exchanges by whales (which total over 1,000 BTC) can help them arrive at their cost base.
“The average price for whale deposits/withdrawals since January 2017 is currently around ‘$15,800,’ the on-chain analytics firm said.
The average price for whale deposits/withdrawals since January 2017 is currently around $15.8,000.
Live chart: https://t.co/FtWE8M9mL6 pic.twitter.com/voS2yOUFWp
— glass node (@glassnode) October 5, 2022
On the Ethereum side, the number of new addresses created is still around 70,000 per day, according to Santiment. The market news platform tweeted that it was the “highest seen” since early August.
“After a lot of uncertainty around mid-September [merge]supply of $ETH on exchanges has fallen back to 14.6%,” Santiment said, noting the normalization of supply.
#EthereumThe number of new addresses being created is once again hovering around 70,000 per day, the highest since early August. And after a lot of uncertainty around mid-September #mergeFurniture of $ETH on stock markets fell to 14.6%. https://t.co/4J78x4YKdb pic.twitter.com/sWK3gVAV2d
— Santiment (@santimentfeed) October 5, 2022
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