Bitcoin and other major coins were firmer on Monday night, as the global cryptocurrency market cap inched up 0.1% to $2.2 trillion at press time.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.45% | -1.6% | $46,594.94 |
| Ethereum ETH/USD | 0.7% | 4.8% | $3,515.46 |
| Dogecoin DOGE/USD | 2.7% | 3% | $0.15 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Celo (CELO) | 29.9% | $4.84 |
| Audius (AUDIO) | +22.8% | $1.73 |
| Mina (MINA) | +11.8% | $3.13 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: On Monday, the S&P 500 and Nasdaq ended their sessions higher by 0.8% and 1.9%, respectively.
Cryptocurrencies continue to have a close correlation with other risk assets like stocks. The correlation is stronger in the case of Ethereum than Bitcoin, according to the financial market data platform Santiment.
“[Ethereum], not [Bitcoin], is the top asset staying tightly correlated to the [S&P 500] performance. And since the [Federal Open Market Committee or FOMC] announcement 3 weeks ago, this has been good news for [ETH],” said the platform in a tweet.
ETH Price Correlation With S&P 500, Gold — Source Santiment
Cryptocurrency trader Michaël van de Poppe tweeted on Thursday that Ethereum has run into the “next resistance,” adding that a correction could happen around the $3,200 range.
Very simple idea on $ETH.
— Michaël van de Poppe (@CryptoMichNL) April 4, 2022
Ran towards the next resistance, and I doubt we're going to break through it in one-go.
Correction could happen towards range-low which is around $3,200.
Full analysis:https://t.co/TFFqNyFMo4 pic.twitter.com/MvWwAOzjFr
On-chain analysis firm Glassnode said in a weekly blog that both discrete public buyers and the wider market have been piling on Bitcoin this week. The firm shared the “Accumulation Trend Score," a tool that tracks on-chain balance change in the market at large. Values near 1 indicate whales or market entities are adding to balances.
“This week returned a consistent stream of values upwards of 0.65, which indicates a general trend of accumulation is underway,” said Glassnode.
Bitcoin Accumulation Trend Score — Courtesy Glassnode
Craig Erlam, a senior market analyst at OANDA, said Bitcoin was “choppy” in the last week after breaking through resistance.
“[Bitcoin] could still build on that breakout but it may be more of a grind than we've seen in the past, given the current environment,” said the analyst, in a note seen by Benzinga.
Read Next: This Crypto Skyrocketed 210% Last Week, Leaving Bitcoin, Ethereum, Dogecoin Nowhere In Sight
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
