Consolidate Bitcoin, Ethereum, Dogecoin: Miner exercise factors to an imminent rally – Benzinga – Benzinga

Bitcoin (CRYPTO: BTC) and ether (CRYPTO: ETH) was trading in negative territory at press time as global cryptocurrency market cap rose 2.2% to $ 2.25 trillion.

What happened: The apex coin lost 1.6% to $ 48,132.60 over 24 hours. For the week, BTC is down 2%.

ETH, the second largest cryptocurrency by market cap, traded 2.6% lower at $ 3,922.80 in 24 hours. It has decreased by 3% over a period of seven days.

Dogecoin (CRYPTO: DOGE) rose 0.9% to $ 0.17 in 24 hours. The meme coin has lost 5.6% of its value over the course of the week.

Self-described DOGE killer Shiba Inu (SHIB) traded 5.7% higher at $ 0.00003. For the week it is up 1.25%.

The top three winners over 24 hours were NEAR protocol (VICINITY), cosmos (ATOM), and SYMBOL (ICX), according to CoinMarketCap data.

NEAR rose 29.9% to $ 11.95, ATOM rose 18.3% to $ 27.83, and ICX rose 15.3% to $ 1.48 over the reporting period.

See also: How to Buy Ethereum (ETH)

Why it matters: Bitcoin moved in the comeback stock market rallies seen worldwide on Wednesday, but continued to trade below the $ 50,000 mark.

Cryptocurrency trader Michael van de Poppe said on Twitter on Wednesday that while there was talk of the Apex coin hitting $ 150,000 at the end of the year, we instead hit much more modest levels.

They said we got a parabolic run to $ 150,000 with #Bitcoin.

Instead, we got #Bitcoin for $ 50,000.

– Michaël van de Poppe (@CryptoMichNL) December 22, 2021

“Bitcoin continues to face a wall at the $ 50,000 level and until that level is breached, speculators can stay on the sidelines,” wrote Edward Moya, a senior analyst with OANDA.

“Bitcoin and Ethereum have both gone into vacation mode and are still consolidating on important technical levels. The headlines were not inspiring to suggest an outbreak might be imminent, ”Moya wrote in a note seen by Benzinga.

Meanwhile, miners are sticking to their businesses as unspent miner’s supplies hit an all-time high.

Unsuspended BTC Miner Supply – Courtesy of Glassnode via GlobalBlock

“On-chain metrics remain bullish as unspent miner supply approaches all-time high,” wrote Marcus Sotiriou, an analyst with a UK-based digital asset broker GlobalBlock.

“This shows the mood of the miners and suggests that they expect a significant price increase in the short to medium term by holding their mined bitcoins,” said Sotiriou.

On the Ethereum side, the smart contracts deployed on the network have declined, with rising deployment costs being the likely triggering factor, as in a. described Delphi Digital Notice.

Smart Contract Deployment on ETH Blockchain – Courtesy of Delphi Digital

“Smart contracts deployed on Ethereum took a hit in June 2021, and while over 250,000 contracts are still deployed each month, that number is far from where it was in the first half of 2021,” the independent research firm wrote.

Read Next: Why Jack Dorsey Says Bitcoin Will Replace the Dollar, Ethereum is no good


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Dogecoin

Why Bitcoin, Ethereum, and Dogecoin Are Up Right this moment – Motley Idiot

What happened After a day of sell-offs on Friday, the cryptocurrency market saw some...

By wpadminsonic164
Bitcoin, Shiba Inu, Dogecoin Value Prediction 2022 – Analytics Perception Dogecoin

Bitcoin, Shiba Inu, Dogecoin Value Prediction 2022 – Analytics Perception

Check out some price predictions for popular digital currencies that are expected to outperform...

By wpadminsonic164
Dogecoin

Meme Coin Promoting: Why Shiba Inu, Dogecoin, and The Sandbox Are No Longer Obtainable As we speak – The Motley Idiot

What happened Today, a number of speculative meme tokens are experiencing increased selling pressure....

By wpadminsonic164
XRP, Decentraland, Dogecoin Value Evaluation: December 21 – AMBCrypto Information Dogecoin

XRP, Decentraland, Dogecoin Value Evaluation: December 21 – AMBCrypto Information

Bitcoin again found strong demand in the $ 45.6k range. Monday's lows and highs...

By wpadminsonic164
Large Dogecoin whale strikes $ 973,010,200 in crypto in a single transaction, paying solely $ 0.76 in charges – The Day by day Hodl Dogecoin

Large Dogecoin whale strikes $ 973,010,200 in crypto in a single transaction, paying solely $ 0.76 in charges – The Day by day Hodl

New data shows that a Dogecoin (DOGE) whale has just moved nearly $ 1...

By wpadminsonic164
Dogecoin

Neglect Dogecoin and Purchase These 2 REITs – Motley Idiot

Dogecoin (CRYPTO:DOGE) started as a joke. Its creators wanted to make a coin that...

By wpadminsonic164
Dogecoin-inspired DogeCola drinks are transport this month – Benzinga – Benzinga Dogecoin

Dogecoin-inspired DogeCola drinks are transport this month – Benzinga – Benzinga

DogeCola (CRYPTO: DOGECOLA) will be shipping its Memecoin-inspired soft drinks this month. What happened:...

By wpadminsonic164
Dogecoin

Why Bitcoin, Dogecoin, and The Sandbox Are No Longer Obtainable At present – Motley Idiot

What happened Three of the most watched cryptocurrencies in the market are falling again...

By wpadminsonic164

Latest Posts

7 Greatest Cryptos to Purchase Heading as We Look In the direction of 2022 – InvestorPlace Stellar

7 Greatest Cryptos to Purchase Heading as We Look In the direction of 2022 – InvestorPlace

Cryptos are the future of money, with Bitcoin (CCC:BTC-USD) being one popular alternative. It does...

By wpadminsonic164
Binance Coin Worth Prediction: BNB Should Break That Barrier To 35% Earnings – FXStreet Binance

Binance Coin Worth Prediction: BNB Should Break That Barrier To 35% Earnings – FXStreet

The price of Binance Coin has been consolidating for almost two weeks with no...

By wpadminsonic164
How a lot is an excessive amount of when Cardano’s value motion withdraws – AMBCrypto Information Cardano

How a lot is an excessive amount of when Cardano’s value motion withdraws – AMBCrypto Information

"It has to stop somewhere, doesn't it?" This is the question that most of...

By wpadminsonic164
Dogecoin

Why Bitcoin, Ethereum, and Dogecoin Are Up Right this moment – Motley Idiot

What happened After a day of sell-offs on Friday, the cryptocurrency market saw some...

By wpadminsonic164
Gold Quintuple Stella May Over $ 2 Million At FUN US Cash Public sale – Coin Seller Publication Stellar

Gold Quintuple Stella May Over $ 2 Million At FUN US Cash Public sale – Coin Seller Publication

An exceptionally rare five-fold gold Stella could top $ 2 million if it is...

By wpadminsonic164
WHAT’S HAPPENING WITH CRYPTOCURRENCY? (BIG NEWS) Videos

WHAT’S HAPPENING WITH CRYPTOCURRENCY? (BIG NEWS)

Let's discuss the LATEST crypto news for bitcoin, ethereum, altcoins, & more! SLAP THE...

By wpadminsonic164
Polkadot value retains assist construction and targets $32 – FXStreet Polkadot

Polkadot value retains assist construction and targets $32 – FXStreet

Polkadot price climbed to 5-month and 2022 lows. DOT enters a supportive buy zone....

By wpadminsonic164
Iran permits cryptocurrencies for use in worldwide settlements, experiences reveal Bitcoin

Iran permits cryptocurrencies for use in worldwide settlements, experiences reveal

Authorities in Iran are preparing to allow the use of cryptocurrencies for international settlements....

By wpadminsonic164