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Bitcoin Rises, Ethereum, Dogecoin Fall: On-Chain Metric Flags Bullish Sign

Bitcoin Daytime returns exceeded altcoin returns as the global cryptocurrency market capitalization rose 0.9% at the time of the press to $ 1.3 trillion.

Price performance of major coins
coin 24hours 7 days price
Bitcoin BTC / USD 1.4% -3% $ 29,609.99
Ethereum ETH / USD -0.1 %% -5.8% $ 1,977.28
Dogecoin Doge / USD -0.01% -8% $ 0.08

Top 24-hour winners (data via CoinMarketCap)
Cryptocurrency 24-hour rate of change (+/-) price
Hippo (KAVA) + 12.6% $ 2.88
Tezos (XTZ) + 11.5% $ 2.09
Ethereum Classic (etc) + 9.2% $ 23.99

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Important reason: Risk assets are still unattractive to investors. On Tuesday, the S & P 500 and Nasdaq posted losses of 0.8% and 2.35%, respectively.

The slowdown in economic growth is now reflected in the number of earnings of listed companies, including: Snap Inc snapEspecially those Operating in the technology sector..

Tuesday said it showed a resurgence of risk aversion across asset classes except gold. Edward MoyaOANDA Senior Market Analyst.

“Everything is weakened by faster-than-expected clips, which is not a good sign for US consumers or the short-term outlook for equities,” Moya said in a note that Benzinga saw.

Moya is pessimistic about cryptocurrencies in the short term. “Bitcoin is in danger because sentiment towards risky assets has fallen off the cliff. Cryptocurrencies usually become attractive when Treasury yields plummet, but so far no one has bought this dip. I don’t want to, “he said.

Benchmark 10-year bond yields fell to 2.738%, the lowest since April 27. Report From Reuters.

Analysts said Apex Coin could test the $ 25,424 level as the stock market has not yet surrendered and the $ 20,000 level may be functioning as a support zone.

Equity losses are more severe, crypto traders Michael van de poppe Reminded his Twitter followers.He pointed it out, Inc AMZN It has lost $ 900 billion in value alone in the last six months. Bitcoin, on the other hand, has a market capitalization of $ 550 billion.

The gap between Bitcoin price volatility and altcoin widened as investors lost their desire for risk in the face of positive emotional decline.

This can be seen in the big gap between the 7-day price fluctuations of Bitcoin and Ethereum. BTC has fallen by 3%, but Ethereum’s weekly decline has almost doubled.

Throughout the quarter, Bitcoin dominance rose from 42.61% to 44.51%, according to CoinMarketCap data.

Major cryptocurrencies by market capitalization percentage — Courtesy CoinMarketCap

Bitcoin holders’ beliefs are still intact, as evidenced by the last active supply in the chart over 10 years posted by Glassnode. This metric reached a record high of 2,443,600.434 BTC on Tuesday.

Total Bitcoin Supply Last Active> 10 Years — Provided by: Glassnode

Meanwhile, Ethereum’s average price has dropped to just $ 2.54 per transaction, Santiment tweeted. The Market Intelligence Platform has historically pointed out that the price of ETH will rise after the average transaction fee drops below $ 5, but warned that this is by no means automatic.

Read next: This Bitcoin knockoff has increased by 24% in large volumes, despite the major cryptos sliding

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