Zinger Key Points
- Ethereum more tightly correlated with the S&P 500 than Bitcoin
- The second-largest coin has run into resistance, according to one analyst
- Bitcoin choppy after breaking out of resistance but could still build on it - Analyst
- Get Monthly Picks of Market's Fastest Movers
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
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