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

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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


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