Ethereum Price Falls Against Bitcoin

Ethereum Price Falls Against Bitcoin

Ethereum has fallen 8% against Bitcoin since Jan 11, with BTC price gains more visible than ETH. Bitcoin price is currently hovering around $23,000.

Bitcoin broke the $23,000 mark on Monday before dropping just below that threshold in a rebound over the weekend, which continued to reflect renewed investor optimism.

The largest cryptocurrency by market capitalization recently traded at $22,968, up nearly a full percentage point over the past 24 hours. The price of bitcoin has risen more than 35% since the beginning of the year amid concrete signs that prices are falling and the economy is not falling into a deep recession. .

However, a number of analysts are unconvinced that the rally will last after nearly 14 months of bear markets and the many crypto fiascos that have undermined already fragile public confidence in the industry.

In a weekly commentary, Jeff Dorman, chief investment officer of digital asset investment firm Arca, highlighted the bitcoin rebound and the “strong resurgence” of tokens due to “applications and protocols that are pretty much left for good.” the surge was “merely a bear market rally or higher prices will reflexively trigger enough economic activity to justify a price move.”

“At the micro level, most applications and individual protocols are still at the lowest end of user and activity levels,” even though many have grown over 100% in recent weeks, Dorman writes, adding: “The market is trying to find a balance. … something between the dead zone of last year and the euphoria of 2021.”

Ethereum also rose and then fell on Monday, but continued to trade comfortably above $1,600, almost unchanged from Sunday at the same time. Other major cryptos were mixed with AVAX, Avalanche’s base layer protocol token, and XRP, the XRP Ledger’s own open-source public blockchain crypto, which rose over 4% and 5% respectively, but AXS, the governance token of the Axie Infinity gaming platform fell. more than 12%. On Sunday, AXS shares rose more than 40%. The CoinDesk Market Index (CMI), a measure of the market performance of major cryptocurrencies, rose slightly.

Stocks closed higher to continue their uptrend this year, with the tech-focused Nasdaq and S&P 500 jumping 2% and 1.2%, respectively, as the market hopes the US central bank cuts its next rate hike from 50 and An increase of 75 basis points (bps) over the past eight months to 25 bps.

Meanwhile, lawyers for Genesis Global told a federal bankruptcy court in New York on Monday that they have been working with creditor representatives and the U.S. trustee’s office “around the clock” for the past two months to reach an “agreed decision” with the bank. creditors of the troubled company. Earlier this month, Genesis Global Holdco — the holding company of Genesis Global Capital — and two of its subsidiaries, Genesis Asia Pacific (GAP) and Genesis Global Capital (GGC), filed for Chapter 11 bankruptcy protection — part of the aftermath of the cryptocurrency exchange. . The collapse of FTX.

In a comment from his company, Michael Derschevitz, head of Arca’s risk committee, wrote that filing for Chapter 11 represents the “final stage” of “prolonged public insolvency.”

“Chapter 11 is a useful process for suspending commitments and negotiating court-approved restructuring,” Derszewitz wrote, adding: “We can’t add anything to predict how these negotiations will end, but we are looking at the edge. “.

Biggest Winners

Blockchain Crypto Returns DACS Sector Polkadot DOT +3.9% XRP Smart Contract Platform XRP +2.9% Currency AVAX Avalanche +1.8% Smart Contract Platform

The biggest losers

Blockchain Crypto Returns Sector DACS Decentraland MANA −3.8% Entertainment (GameFi) Terra LUNA −2.9% Smart contract platform Cosmos ATOM −2.8% Smart contract platform

James Rubin, Coindesk

James Rubin is a West Coast Managing Editor at CoinDesk. He has written and edited for the Milken Institute,, the Economist Intelligence Unit, and other organizations. He is also co-author of The Urban Cyclist’s Survival Guide. He owns a small amount of bitcoins.

Cryptocurrency pair ETH/BTC fell by 8%

The price of Ethereum has declined against Bitcoin, although it has become deflationary again.

The ETH/BTC cryptocurrency pair has fallen by 8% since January 11, as the rise in the price of Bitcoin was more pronounced than that of Ethereum.

The decline in the ETH/BTC ratio is due to a decrease in the supply of ETH. The current ETH supply is currently 2788 ETH lower than his supply in September 2022.

The ETH/BTC Relative Strength Index (RSI) has since fallen below 40, hitting levels last seen in December.

A further drop below 30 could present an excellent opportunity for optimistic Ethereum investors to increase their positions.

Ethereum / Bitcoin (ETH/BTC) Daily Chart

ethereum bitcoin eth/btc January 24, 2023Source: Coindesk, Trading View.

Important economic events

08:30 HKT/SGT (00:30 UTC) UK S&P Global/CIPS Services PMI (January)
20:45 HKT/SGT(12:45 UTC) New Zealand CPI (Annual/Q4)
23:30 HKT/SGT(15:30 UTC) Australian Consumer Price Index (QoQ/Q4)

Glenn Williams, CMT, Coindesk

Glenn S. Williams, Jr., CMT, is a cryptocurrency market analyst with a background in traditional finance. His experience includes research and analysis of individual cryptocurrencies, defi protocols and crypto funds. He has worked alongside crypto trading on both identifying opportunities and evaluating performance. He has previously published research on small cap oil and gas stocks (exploration and production) for 6 years and believes in using a combination of fundamental, technical and quantitative analysis. Glenn also holds a Certified Market Specialist (CMT) title as well as a Series 3 (National Commodities Futures) license. He received a Bachelor of Science degree from Pennsylvania State University and an MBA in Finance from Temple University. He owns BTC, ETH, UNI, DOT, MATIC and AVAX.

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The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, so you should do your own research when making a decision.
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Disclaimer: The information and opinions contained in this report are for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts, CFDs and cryptocurrencies. Although the information contained herein has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness and accepts no liability for any direct, indirect or consequential damages that may result from anyone relying to such information.

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