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Bitcoin continues to slide as ether has a larger share of the cryptocurrency market than it has had over the years.
- Bitcoin (BTC) traded around $ 10,726 at 20:00 UTC (16:00 ET). Slipping by 6.1% in the previous 24 hours.
- Bitcoin 24 Hour Range: $ 10,468- $ 11,474
- BTC below its 10 and 50 day moving averages, a bearish sign for market technicians.
Bitcoin continues its downtrend on Thursday, with prices dropping as low as $ 10,468 on spot exchanges like Coinbase. Although it has recovered somewhat, traders selling for profits have certainly been the theme right now.
Read more: Bitcoin plummets $ 403 in 1 hour to a month low
“This is similar to what we saw when bitcoin approached the $ 10,000 and $ 11,000 levels, where profit taking occurred on multiple occasions,” said John Kramer, a trader at cryptocurrency firm GSR over the counter. “Many investors will see this as an opportunity to buy the decline.”
Just like Wednesday, leveraged liquidations played a role in exacerbating the drop in bitcoin prices. However, Thursday’s cancellation of long traders on the BitMEX derivatives exchange was slightly higher, with $ 10 million in hourly liquidations surpassing Wednesday’s $ 9 million hourly spree – the equivalent of a margin call. in encrypted jargon.
Read more: Bitcoin risks a deeper price decline when stock market inflows rise
“Some people who were buying more than $ 11,500 in leveraged BTC were suddenly frozen when we returned to $ 11,100,” said Chris Thomas, head of digital assets for Swissquote Bank.
Thomas suspects that the price of bitcoin will not reach the new highs of 2020 in the near term, despite testing that level as recently as Tuesday when the price hit $ 12,085. “I think we’re trading in the $ 11,000- $ 12,000 range for a while,” he said.
In equities, while the major Asian Nikkei 225 index was buoyed by expectations, the new leadership in Japan will continue the economic stimulus policies put in place by outgoing Prime Minister Shinzo Abe, equities in Europe and particularly the United States are flooded with red, as it is in most of the crypto ecosystem on Thursday.
GSR’s Kramer observes equity markets with some trepidation and worries about the performance of traditional finance for the 2020 budget. “Stock valuations remain overly bloated in the eyes of many observers and economic uncertainty persists,” he said. . “A cryptocurrency dip like this will not deter most investors who have a long-term investment thesis.”
Read more: Jump Trading invests in decentralized exchange serum
The ethereal domain dominates
The second largest cryptocurrency by market cap, ether (ETH), fell Thursday, trading around $ 402 and slipping 7.6% in 24 hours at 8pm UTC (4pm ET).
Read more: Risk management startup Cozy Finance DeFi debuts with a $ 2 million loan
But while the price is down, Ether’s dominance of the broader cryptocurrency market hit a 2020 high of more than 14% on Wednesday. Although it dropped a bit on Thursday, the last time Ether’s share was at these levels was in August 2018.
“A large number of useful projects on the Ethereum blockchain contribute to the growth of the ether domain,” said Azamat Malaev, co-founder of HodlTree, a decentralized lending protocol. However, downsizing is an issue that could drive Ether’s share down, Malaev added. “To maintain this trend, Ethereum urgently needs to scale the network. For ordinary users, transactions are already very expensive “
Read more: Ethereum Developers Focus On Congestion As Fees Increase Over 600%
Other markets
Digital assets on CoinDesk 20 are mostly on Red Thursday. Notable Winners at 8pm UTC (4pm ET):
Read more: The new crypto derivatives allow you to bet on (or against) Tether’s solvency
Notable Losers at 20:00 UTC (16:00 ET):
Read more: The hardware wallet flaw allows attackers to hold Crypto for ransom
- Oil is down by 0.67%. West Texas Intermediate Crude Oil Barrel Price: $ 41.29.
- Gold was in the red by 0.61% and at $ 1,930 at press time.
Read more: Around the Crypto World in 15 Charts
- US Treasury bond yields all slipped on Thursday. Yields, which move in the opposite direction to the price, fell more in the two-year period, in the red by 2.8%.
Read more: Digital Bank Revolut expands cryptocurrency buying and selling service in Australia
