Bitcoin was in the green on Sunday evening, even as the global cryptocurrency market cap fell 0.3% to $1.1 trillion at 8:20 p.m. EDT.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
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Why It Matters: Bitcoin and Ethereum traded mixed, even as stock futures rose marginally. The S&P 500 and Nasdaq futures were up 0.1% and 0.2%, respectively, at the time of writing.
Over the weekend, Bitcoin soared over the $20,000 psychological mark and touched a high of $21,760.28, while Ethereum touched a peak of $1,784.50.
“Bitcoin is welcoming the return of risk appetite and a falling U.S. dollar. The broad market rally has rejuvenated cryptos and that could continue if investors continue to look beyond hawkish central bank overtures and lingering recession risks,” said Edward Moya, a senior market analyst with OANDA.
Michaël van de Poppe said that markets are not looking for “downwards continuation” and there’s even “strength to the upside” as altcoins are starting to shape better.
The markets are not looking for downwards continuation, there’s potentially even strength to the upside as #altcoins are starting to shape better.
Could be a fun Q4 of this year.
— Michaël van de Poppe (@CryptoMichNL) September 11, 2022
The cryptocurrency trader said on Twitter, “Could be a fun Q4 of this year.”
Justin Bennett struck a more cautious note and tweeted, “Bulls have had their fun, but the entire [crypto] market is sitting 5% below a massive resistance area.”
“Probably one more push higher before the next leg down.” The trader reminded his followers that U.S. inflation data is due Tuesday and Wednesday and to “expect volatility.”
Hope everyone had a great weekend!
Bulls have had their fun, but the entire #crypto market is sitting 5% below a massive resistance area.
Probably one more push higher before the next leg down.
— Justin Bennett (@JustinBennettFX) September 11, 2022
Also expected this week is “The Merge” — Ethereum’s move from a proof-of-work mechanism to a proof-of-stake model, which is slated for Thursday.
CoinMarketCap said in a recent note authored with Glassnode that more than 11.2% of ETH’s circulating supply is now participating in the PoS consensus.
Ethereum Issuance and EIP 1559 Burn Rates — Courtesy Glassnode
“Given on-chain demand, and thus gas prices are very soft at present, this highlights that with any meaningful pickup in gas fee pressure, ETH can be reasonably expected to become a net deflationary supply asset.”