Wednesday, June 7, 2023
DAPPS CLUB
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Litecoin
  • Metaverse
  • NFt
  • Regulations
No Result
View All Result
DAPPS CLUB
No Result
View All Result
Home Ethereum

Will Ethereum [ETH] follow Bitcoin’s [BTC] lead as the market rallies?

Lincoln Cavenagh by Lincoln Cavenagh
March 23, 2023
in Ethereum
0
Will Ethereum [ETH] follow Bitcoin’s [BTC] lead as the market rallies?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


  • Analyst suggested that Ethereum could soon follow Bitcoin’s rally.
  • NFT trades and lowering gas fees may impact network activity in the long run.

Bitcoin [BTC] has been seeing quite a rally over the last few days, inspiring a lot of positive speculation around the king coin. However, it appears that Ethereum [ETH] will also soon be joining the rally and see a surge in its prices.


Is your portfolio green? Check out the Ethereum Profit Calculator


Where BTC goes ETH follows?

According to analyst crypto sunmoon on CryptoQuant, the drop in prices of Bitcoin and Ethereum from 9 – 13 March resulted in a swift decrease in exchange reserves. It is possible that investors took advantage of the situation by depositing more Bitcoin into exchanges than they purchased during the subsequent rebound.

In comparison to Bitcoin, Ethereum has not experienced a significant surge and the number of withdrawals has remained low. However, sunmoon believes that once Bitcoin’s upward trend is fully realized, there may be a substantial increase in Ethereum’s value.

Another positive indicator for Ethereum would be the rising number of addresses on the network. According to Glassnode’s data, addresses holding more than 0.01 of ETH have reached an eight-month high.

However, the overall activity on the network could soon slow down. This would be because of the falling NFT trades on the Ethereum network. This suggested that users were losing interest in Ethereum-based NFTs.

Another indicator of the same would be the falling gas usage, implying that the activity on the Ethereum network has fallen.

 

Source: Santiment

Even though ETH NFT interest has started to decline, Open Interest had started to surge at press time.

As the Shanghai Upgrade approaches, many traders would be interested in making bets on the future of Ethereum. However, it is important to note that high Open Interest also implies that there could be high volatility in the future.

📈 #Ethereum $ETH Futures Contracts Open Interest just reached a 6-month high of $625,263,663 on #Deribit

Previous 6-month high of $623,061,491 was observed on 20 March 2023

View metric:https://t.co/uXJN8QUW5D pic.twitter.com/LduET6sFll

— glassnode alerts (@glassnodealerts) March 21, 2023

________________________________________________________________________________________________

Realistic or not, here’s ETH’s market cap in BTC

________________________________________________________________________________________________

At press time, the trader sentiment is mostly bearish. This can be seen through Coinglass’ data, which showcases that short positions against Ethereum increased over the last few days.

Source: Coinglass





Source link

Related posts

Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?

Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?

June 7, 2023
Arrow Glacier Upgrade Announcement | Ethereum Foundation Blog

Arrow Glacier Upgrade Announcement | Ethereum Foundation Blog

June 6, 2023
Tags: BitcoinsBTCETHEthereumFollowleadMarketRallies
Previous Post

Hex, Litecoin Rallies Post FOMC As BTC, ETH Undergo Corrections

Next Post

Google Launches ‘Bard’ in UK and US for Public Testing

Next Post
Google Launches ‘Bard’ in UK and US for Public Testing

Google Launches ‘Bard’ in UK and US for Public Testing

RECOMMENDED NEWS

Investment Bank H.C. Wainwright Believes Crypto Winter Is Over, Rates Coinbase Stock as ‘Buy’ 

Investment Bank H.C. Wainwright Believes Crypto Winter Is Over, Rates Coinbase Stock as ‘Buy’ 

1 month ago
Visa Announces Ambitious Crypto Product Roadmap Tapping on Ethereum Network

Visa Announces Ambitious Crypto Product Roadmap Tapping on Ethereum Network

1 month ago
Litecoin Climbs 10% In Rally By Investing.com

Litecoin Climbs 10% In Rally By Investing.com

3 months ago
Solana Price Jumps 135% in the YTD Outperforming Bitcoin

Solana Price Jumps 135% in the YTD Outperforming Bitcoin

1 month ago

FOLLOW US

BROWSE BY CATEGORIES

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Cryptocurrencies
  • Cryptocurrency
  • Culture
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Metaverse
  • News
  • NFt
  • Regulations
  • Uncategorized

BROWSE BY TOPICS

Altcoin Analyst Bank Binance Bitcoin Blockchain Blog BTC Bullish Business CEO Coinbase Crypto Cryptopolitan Data Digital DOGEcoin ETH Ethereum Exchange Foundation global Heres High Hypergrid IBM Investors Launches Litecoin LTC Market Network NFT Platform Price Rally regulatory REPORT SEC Solana Support Top Trading Upgrade XRP

POPULAR NEWS

  • What is Cloud Mining and How Does it Work?

    What is Cloud Mining and How Does it Work?

    0 shares
    Share 0 Tweet 0
  • YOM brings Metaverse Mining to the Masses with MEXC Listing

    0 shares
    Share 0 Tweet 0
  • Educators Remain Metaverse Positive Despite Negative Media Spin

    0 shares
    Share 0 Tweet 0
  • Rise of AI-Powered Cheating: Challenges and Solutions for Educators

    0 shares
    Share 0 Tweet 0
  • ChatGPT is Being Used to Make ‘Quality Scams’

    0 shares
    Share 0 Tweet 0
Crypto markets by TradingView
Cryptocurrency Prices 

Recommended

  • Former Twitter CEO Claims Ethereum Is A Security, Will This Affect Prices?
  • DogeMiyagi Unleashes The Power Of Decentralisation, Shakes Up Litecoin, Polkadot
  • Economics of Bitcoin ATM market could hinder wider adoption

© 2023 Dapps Club | All Rights Reserved

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Litecoin
  • Metaverse
  • NFt
  • Regulations

© 2023 Dapps Club | All Rights Reserved