While the traditional financial market does not wake up, Crypto Times comes to give Bitcoin a good day. Here's a quick summary of what could shake the cryptocurrency world this Tuesday (17).
Bitcoin (BTC) rallied 2 % above the US$ 21,000 mark. Ether (ETH) is up around 1 % and is also above US$ 1,570 but has resistance at US$ 1,600.
For Bitcoin marketplace lead analyst André Franco, the cryptocurrency’s valuation design and trading volume appear to support a much larger spike before a consistent pullback.
“Also, any pullbacks from the 20-week moving average would be an interesting test of whether an uptrend can be introduced,” he says. However, he points out that both Bitcoin and Ether started the day zero to zero.
Network data recorded a slight decline of 3k bitcoins in long placements (LTH). On the Ethereum ETH network, another 15k is locked on the token chain.
Its market value is US$ 991 billion, after returning to US$ 1 trillion last Saturday (14). Bitcoin's dominance over Ethereum has increased and stands at 41.2 % and 19.3 % respectively.
It got worse?
According to Fernando Pereira, content manager at Bitget, after spending the week trying to break the last high before the FTX crash at $ 21,600, Bitcoin needs to not only outperform, but also sustain this price to talk about a sizzling move. more pronounced.
“If I manage to do this during the week, I have no hesitation in saying that we will be looking at Bitcoin at US$ 32K very soon. If you decline that region, you should go back to $ 18,000,” he says.
But the market is optimistic. At least that's what the Fear and Optimism Index shows. which goes up 6 points and returns to level 51 out of 100, or “neutral”. This is something I haven't seen in 9 months.
In addition, altcoins or cryptocurrencies Alternatives to bitcoin are also shooting. In the last few hours, Gala (GALA) has risen by 14 % and the first layer of the Kava blockchain (KAVA) has risen by 12 %.
In a week, the decentralized and metaversa cryptocurrency MANA has spiked over 80 %; while Sandbox (SAND) increased by 43 %. The second tier native blockchain token Ethereum Immutable X (IMX) has also seen an increase of 10 % in the last 24 hours.
