In today’s article we’re going to talk about the stock market rally on a possible stimulus while Bitcoin stays flat and how Ethereum logged its busiest week on record. We also go over the current top crypto currency prices as well as a brief analysis on bitcoin. So sit back relax and enjoy the show.
And…. If your not the article reading type we have 2 other formats for you:
The current prices of Bitcoin is at $9,44.37 down 1.05%
The current prices of Ethereum is at $232.79 down 0.06%
The current prices of EOS is at $2.54 down 0.54%
The current prices of Litecoin is at $43.62 down 0.79%
As always this publication is sponsored by CoinCasso cryptocurrency exchange. So if you’re unsatisfied with your crypto currency exchange, like Coinbase that crashes every single time that the price drops or goes up, consider checking out CoinCasso in the link for a $10 sign up bonus.
Now, let’s jump into tradingview and do a quick analysis on bitcoin.
I have the 4-Hour chart pulled up and you can see not too much movement in the last 24 to 36 hours. Just kind of trading flat here at about $9,400-$9,500.
Now, let’s take it into the daily chart and see what the indicators are telling us. Looking at the MACD. We are coming back up to that profitable range. So we might be seeing some nice spikes up here pretty soon.
The RSI is sitting right here in the middle. So it’s not over bought. It’s not over sold. This is a very consistent price for Bitcoin. So it might actually just stay here.
Now looking at the moving averages here the 8 day, 13 day, and 21 day moving averages are actually very very close sitting far above the 55-day moving average.
So as far as indicators go, there’s nothing saying that it’s going to make any decent moves in the near future. But then again whales could come in and completely wreck the party, so hopefully Bitcoin stays a little bit consistent and we start seeing a nice little upward slope.
24-hour volume on bitcoin is sitting at $19.9 Billion.
Bitcoin (BTC) was trading around $9,500 as of 20:00 UTC (4 p.m. ET), gaining less than a percent over the previous 24 hours.
At 00:00 UTC on Tuesday (8:00 p.m. Monday ET), bitcoin was changing hands around $9,414 on spot exchanges such as Coinbase. It then climbed 2% to as high as $9,591 before sell volumes pushed bitcoin back down. The price is now above the 50-day moving averages but below the 10-day moving average. For technicians, this signals prices are expected to move sideways for a bit.
Which is what I just said in my Bitcoin analysis. Looks like I’m smart.
Stocks were the real movers on Tuesday. The possibility of another fresh fiscal stimulus proposal in the United States, to the tune of $1 trillion for infrastructure projects like wireless networks and roads, helped fuel an equities rally. The U.S. S&P 500 index gained 1.9%. Since the start of June, bitcoin has underperformed the equities markets.
This article is touting this as a bad thing, but Bitcoin being coupled with the stock exchanges is a very bad sign for cryptocurrencies. The reason cryptocurrencies were made was to separate themselves from the global economy. Having it decoupled means it’s on its own trajectory and its own path, which means it’s own economy. Very good signs for Bitcoin in my opinion.
It’s costing more to use Ethereum and that may be because more users are flocking to the platform than ever before, according to one key on-chain metric. Analysts say the growth of both transactions and the cost to process them is being driven by an increase in stablecoin usage and DeFi applications.
The seven-day moving average of the total amount of “gas” used in transactions on Ethereum’s blockchain rose to a record high of 61.12 billion on Monday, having surpassed the previous high of 60.07 billion reached in September 2019, according to data provided by the blockchain analytics firm CoinMetrics.
Gas is a token that powers Ethereum’s blockchain. It is the unit used to calculate the amount of fees a user needs to pay in order to transfer smart contract data or payments on Ethereum’s blockchain. Meanwhile, ether is the reward paid to miners and is equivalent to the amount of gas needed to execute a transaction.
“The increase in gas usage indicates a continuous growth in the use of Ethereum’s platform, as measured by the number of transactions, as well as demand for block space, as measured via gas per transaction,” said Wilson Withiam, research analyst at data provider Messari.
Ethereum’s transaction count recently hit a 27-month high of 938,265 and was up nearly 45% from lows seen in January.
Now if you’re unfamiliar with Ethereum, this is how it works. Ethereum is the blockchain, Ether is the actual cryptocurrency, and GAS is what they use to pay for transactions on the Ethereum Network.
More and more apps, more and more companies, more and more blockchains are using the Ethereum network because it is tried and true. Thus more people are paying more transactions in GAS causing the network to grow and make more money also with the news of Ethereum 2.0 coming out more and more people are buying Ethereum, at least 35 ethereum to stake in the upcoming 2.0.
I feel like in the near future Ethereum is going to be a big boy in the game and start to Rally in price very soon. This is going to be the first Global adoption of Cryptocurrencies, and it’s going to be based on applications, defi networks and games.
Article 1 – Stocks Rally on Possible Stimulus but Bitcoin Is Flat at $9.5K
Article 2 – Ethereum Logged Its Busiest Week on Record
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