Crypto update: See how altcoins like Bitcoin and Ethereum are doing today.
Bitcoin (BTC), the leading cryptocurrency, stayed range-bound around the $111,400 mark on Tuesday, September 10, as investors exercised caution due to conflicting macroeconomic signals, causing the cryptocurrency market to continue trading sideways. While altcoins experienced significant up- and down-movements, Ethereum (ETH) also moved sideways around the $4,300 mark. showing early indications of the cryptocurrency market’s capital rotation.
Bitcoin price today
According to Edul Patel, CEO of Mudrex, Bitcoin is trading range-bound at about $111,300 as investors become cautious in the wake of geopolitical fears and poor macroeconomic statistics. “A shaky labor market was indicated by the BLS’s revision of job growth downward by 911,000 jobs. Nonetheless, the European Central Bank’s rate decision and Thursday’s CPI announcement may serve as significant catalysts affecting market direction.
With sturdy support at $110,400, Patel thinks a move above $113,000 would affirm renewed momentum.
In contrast, “Bitcoin is consolidating within an ascending triangle, with $113,500 emerging as a key breakout level that could open the path to $115,000–116,000,” stated Riya Sehgal, research analyst at Delta Exchange.
Analysts believe that the CMC Altcoin Season Index’s rise to 62/100 and the decline in BTC dominance to 57.3% are early indications of capital shifting into altcoins.
Ethereum trades sideways
With a trading volume of $30.15 billion, Ethereum was last quoted at $4,305, down 0.32 percent over the course of the day. Over the same time period, the asset’s volatility was quite slight, ranging from $4,277 to $4,381.
According to Sehgal, Ethereum’s descending triangle pattern at the $4,240–$4,268 support zone indicates that volatility is close.
Altcoins show mixed performance
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