Zinger Key Points
- Bitcoin flat, Ethereum, Dogecoin continue to spike
- Ethereum price dominance rising against Bitcoin - Santiment
- Fate of cryptos linked to other risk assets like equities this week - Analyst
Bitcoin was relatively flat on Sunday evening after spiking earlier on an intraday basis as the global cryptocurrency market cap rose 0.9% to $2.2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.2% | -2.1% | $46,031.74 |
| Ethereum ETH/USD | 1.05% | 6.1% | $3,495.98 |
| Dogecoin DOGE/USD | 3.3% | -0.2% | $0.145 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Covex Finance (CVX) | +14.8% | $38.89 |
| Compound (COMP) | +11.2% | $168.68 |
| BORA (BORA) | +10.2% | $1.06 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin touched an intraday high of $47,313.48 on Sunday. Volumes remained muted compared with weekdays.
On Friday, Edward Moya, a senior market analyst with OANDA, referenced the $1 billion investment by the Terra (LUNA) blockchain into Bitcoin.
“Bitcoin needs a couple more major investments in order to make a run above the $50,000 level and that might take some time given the global bond market selloff," Moya wrote in a note.
The S&P 500 and Nasdaq closed 0.3% higher at 4,545.86 and 14,261.50, respectively, on Friday. U.S. stock futures were marginally lower at press time.
Cryptocurrency trader Justin Bennett said it was not a “good look” for the S&P 500 failing to hold above the 4,600 levels. He urged caution on Twitter, saying "if stocks puke next week," they would drag cryptocurrencies lower with them.
Not a good look for the S&P 500 failing to hold above 4,600 tbh.$BTC is still well above the must hold $44,500 support, but we know that if stocks puke next week, it'll drag #cryptos with them.
— Justin Bennett (@JustinBennettFX) March 31, 2022
Be careful out there.$SPY $SPX pic.twitter.com/t5nWzAUfzx
On-chain metrics indicate that Bitcoin exchange outflow volume recently rose to 96,200 BTC per month.
“Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions through history, with most being after the March 2020 liquidity crisis,” tweeted Glassnode.
#Bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month.
— glassnode (@glassnode) April 4, 2022
Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions through history, with most being after the March 2020 liquidity crisis.
Live Chart: https://t.co/k9wM940HCQ pic.twitter.com/836zjf39Nh
Meanwhile, Ethereum — the second-largest coin by market cap — has been gaining price dominance against Bitcoin, according to financial market data platform Santiment.
“The $ETH / $BTC price ratio of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878,” said Santiment in a tweet.
#Ethereum has been gaining in price dominance against #Bitcoin, and the $ETH / $BTC price ratio of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878. The top 10 whale addresses remain holding a significant % of supply. https://t.co/euJ94ihSQl pic.twitter.com/vjt4ZghT19
— Santiment (@santimentfeed) April 2, 2022
Going forward into the fresh trading week, Alternative.me’s “Crypto Fear & Greed Index” flashed “Neutral” at press time compared with last week's "Greed."
Read Next: More Than 90% Of All Bitcoin Now In Circulation; So What's Next For The Miners
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