The cryptocurrency market is waiting in the wings | Cryptocurrency
The cryptocurrency market is waiting in the wings | Cryptocurrency
Market picture Over the past 24 hours, Bitcoin has fallen by 0.25% to $23.4 thousand. The total capitalization of the cryptocurrency market fell by 0.3% to $1.07 trillion. A slight decline occurred despite the recovery of global stock indices. There have been minimal changes in the cryptocurrency market since the beginning of the day, which indicates a wait-and-see attitude.
The short-term technical chart is bullish for Bitcoin, with price above its 50-day average and close to late January local highs. Ethereum’s 50-day uptrend provided support twice in February. Resistance remains at 1700 since October last year. From here, ETHUSD is selling.
Investments in cryptocurrencies fell by $2 million last week, the third consecutive week of declines, according to CoinShares. Bitcoin investment fell $12 million and Ethereum investment fell $0.2 million. Investments in funds that allow short positions in bitcoin increased by $10 million.
Over the past few weeks, Santiment has noticed a slowdown in Bitcoin whale activity. There has also been a decrease in activity among medium-sized addresses controlling 10 to 100 BTC.
news background Mikael van de Poppe, founder of the Eight platform, remains optimistic, saying that the bearish phase is over and Bitcoin is about to break out.
According to IntoTheBlock, 39% of the entire Ethereum supply is concentrated in the balances of a limited number of addresses. This is in stark contrast to Bitcoin, where whales make up no more than 11% of the total.
The current cryptocurrency crisis and tighter regulation have not affected the interest in digital assets. According to Morning Consult, 20% of American adults (more than 50 million people) own cryptocurrencies.
In this video you will find 3 best cryptocurrencies to buy and hold in 2023:
