Major coins were trading slightly higher on Wednesday night, even as the cryptocurrency’s global market cap fell 0.6% to $963.8 billion as of 8:27 a.m. EDT.
Performance of the most important coins
|coin||Twenty-four hours||7 days||value|
|Bitcoin (Crypto: BTC)||0.2%||4%||$20,250.79|
|ether (Crypto: ETH)||0.4%||1.85%||$1,363.45|
|dogcoin (Crypto: Doge)||-0.6%||7.4%||$0.065|
Top 24-hour winners (data via CoinMarketCap)
|cryptocurrency||24 hours % change (+/-)||value|
|Ethereum name service (ENS)||+9.3%||$17.46|
|Trust wallet token (TWT)||+6.26%||$0.975|
See also: How to get free crypto
Why this matters: Bitcoin and ether On Wednesday evening, the stock was trading slightly in the green as the market’s two-day rally ended. At the time of writing, US stock futures were also slightly higher.
The ISM Services PMI, an index that reflects the direction of economic trends in service sectors, fell to 56.7 in September from 56.9 in August, but beat market estimates.
“The economy is too strong for the Fed to turn around. Both the personal payroll report and service sector data are reminding investors how strong some parts of the economy are, capping October’s strong start. Edward moyaA senior market analyst at OANDA.
Regarding Bitcoin, Moya said, “The strong start to October is over and markets were quickly reminded that calls for a Fed pivot were once again premature. Traders were quickly reminded that the economy was hitting bottom. and the Fed may need to be aggressive with its rate hike cycle next year.
“Bitcoin fundamentals are still supporting healthy consolidation here, and it should remain so until we see a double dose of strong new hires on Friday and a much warmer-than-expected inflation rate next week.”
cryptocurrency trader Michael van de Poppe Said Bitcoin “enters a long zone here after a correction.” “Definitely interested,” he tweeted, referring to Apex Coin’s chart.
#Bitcoin is in a long zone here after a correction.
Definitely interested. pic.twitter.com/gbUHJxlOpq
— Michael van de Pope (@CryptoMichNL) October 5, 2022
Referring to the chart of the total cryptocurrency market cap has been said justin bennett, This June trend line was recaptured on Tuesday. Earlier, the trader tweeted that the total market cap was set to break above $923 billion by the end of the day.
$TOTAL reclaimed yesterday’s June trendline. Recover as bullish now.
Let’s see where it ends today. $BTC $ETH pic.twitter.com/4sRsJqsbkn
— Justin Bennett (@JustinBennettFX) October 5, 2022
Glassnode said that valuations from whales (which collectively hold more than 1,000 BTC) can help determine their cost basis by assessing the amount of Bitcoin moving in and out of exchanges.
“The average price of whale deposits and withdrawals since January 2017 is currently $15,800,” said the on-chain analytics firm.
If we estimate the amount of #Bitcoin being moved in and out of exchanges by whale-sized companies (>$1,000 BTC), we can estimate their cost basis (real value).
The average price of whale deposits and withdrawals as of January 2017 is currently around $15.8k.
Live chart: pic.twitter.com/voS2yOUFWp
— glassnode (@glassnode) October 5, 2022
On the Ethereum side, according to Sentiment, the number of newly created addresses is around 70,000 per day. This is the highest level since the beginning of August, the market research platform tweeted.
“Following some uncertainty surrounding the merger in mid-September, $ETH supply on exchanges has declined to 14.6%,” Santiment stated, hinting at a normalization in supply.
The rate of new addresses being created for #Ethereum is once again approaching 70,000 per day, the highest level since early August. And after some uncertainty surrounding the #merger in mid-September, $ETH supply on exchanges has dropped to 14.6%. pic.twitter.com/sWK3gVAV2d
— Mood (@santimentfeed) October 5, 2022