Ethereum fares better, making significant gains, while Bitcoin continues to trade sideways.
Following profit booking at higher levels, Bitcoin (BTC) is still range-bound. With a 24-hour trading volume of $85.01 billion, it was trading at about $117,855.92 at the time of the last check, up 0.71 percent. According to CoinMarketCap, the flagship cryptocurrency has moved between $115,765.69 and $118,443.60 over the past day.
The price of Bitcoin is currently 4.25 percent below its peak of $123,091.6, which was reached on July 14 of this year.
Bitcoin to consolidate in the short term
Bitcoin is consolidating after a procedural setback for crypto-related legislation in the United States, according to Edul Patel, co-founder and CEO of Mudrex. “Despite this, the broader market remains bullish, with Ethereum trading at a 5-month high above $3,100.”
The increase was sustained by steady ETF inflows and the more than 545,000 ETH that corporate treasuries had amassed during the previous month. The US PPI data, which is due today, is now the market’s main focus, Patel stated. He thinks that a softer-than-expected figure would rekindle bullish sentiment and propel Bitcoin beyond $120,000, but a higher reading might cause a retest of the $115,000 support level.
In contrast, Piush Walke, a derivatives research analyst at Delta Exchange, anticipates that Bitcoin will consolidate before making a short-term directional move. Following a period of profit-taking characterized by significant intraday price fluctuations, Bitcoin has seen an uptick in volatility. It is still trading in the wide range of $115,500 to $118,500. A decisive breakout and close above this range would be key for the next leg of its rally,” said Walke.
Ethereum outperforms
In contrast, Ethereum (ETH) was trading at a significant profit and was still above the psychological $3,000 threshold. At the last check, it was trading at $3,143.10, up 5.52%, with a trading volume of $35.98 billion. Over the past day, it has fluctuated between $2,961.87 and $3,149.79.
Given that whale order data indicates selling activity close to $3,200, Walke thinks resistance there could provide a problem for Ethereum. “Institutional interest in Ethereum remains strong, with $193 million flowing into Ethereum ETFs,” Walke stated.
Furthermore, it doesn’t seem like the other well-known cryptocurrencies have changed much—they’re still locked at the gains. Despite this, the CoinDCX research team believes that the market attitude and momentum are favorable, and as a result, the cryptocurrencies are expected to increase once more.
Ethereum Name Service (ENS) is one of the top gainers, with a spike of more than 18%, followed by Bonk with 15.5% and Pump.fun with 15%. Fartcoin, which fell 3.22 percent; Four, which fell 2.78 percent; and UNUS SED LEO, which fell over 2 percent, are the day’s losers.
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