Tuesday, September 26, 2023
HomeEthereumChristmas Rally for Bitcoin, Ethereum as Prices Break Key Levels, Funding Rates...

Christmas Rally for Bitcoin, Ethereum as Prices Break Key Levels, Funding Rates Turn Positive

Source: Adobe Stock / Pintau Studio

Santa Claus seems to have arrived early for crypto investors this year, with a strong rally Bitcoin (BTC), Ethereum (ETH), And the broader altcoin market in the last 24 hours.

At 13:10 UTC, BTC traded at US $ 51,038, up 4.3% in the last 24 hours and 7.1% in the past week. Meanwhile, ETH was $ 4,090, up 2.9% in the last 24 hours and 3% in the week.

Elsewhere in the crypto market, performance over the past day has been strong, with most of the top 100 coins by market cap being expensive.Some of the things that stand out Sandbox (SAND), Phantom (FTM), arweave (AR), When Internet computer (ICP), A 24-hour increase was seen between 20% and 13%, respectively.

Bitcoin’s rise over the last 24 hours has broken through the major US $ 50,000 level and raised sentiment between Bitcoin’s HOD Ler and traders. Meanwhile, prices have also recently improved the technical setting of the Bitcoin chart, breaking through the downtrend line, which could be pulled back to a record high of $ 69,000 from November 10.

BTC 90-day price:

Source: CoinGecko

For Ethereum, a recent rally pushed the second most valuable cryptocurrency above $ 4,000 after buyers pushed up from a low of just above $ 3,640 on December 15.

ETH 90-day price:

Source: CoinGecko

And since Bitcoin charts in particular look stronger from a technical analysis point of view, on-chain signals also look promising for the number one cryptocurrency.

In some bullish signals, some members of the Bitcoin community have pointed out today that large whales continue to add coins to their holdings from November to December.

In addition to the accumulation of coins by whales, the supply of BTC on the exchange has also steadily declined over the past two months, with a slight increase between Thursday and Friday this week. Coin glass Indicated.

Exchange BTC balance:

Source: Coin glass

Meanwhile, according to Zhu Su, CEO of a crypto hedge fund. Three Arrows Capital, The Bitcoin market now looks ready for “Gamma Squeeze”. This is a phenomenon caused by sharp price increases, requiring market makers in the options market to buy Spot Bitcoin as funds flow into call options.

In addition, looking at the funding rates of the BTC and ETH permanent futures markets, the rates in December are slightly lower than in November, but the rates for both of the two largest cryptocurrencies are generally positive. Stay in the realm.

A positive funding rate means that a long trader pays a short person for a permanent futures contract, and a negative rate means that a short position pays a long. Therefore, if bullish sentiment is dominant among traders, the funding rate is generally positive.

BTC funding rate compared to price:

Source: Coin glass

ETH funding rate compared to price:

Source: Coin glass

One user commenting on the latest changes in funding rates on Reddit’s r / CryptoCurrency forum Said Signs that rates are recovering may indicate “the beginning of another bullish rally.”

The same user added, although the current level is still not very high, it “indicates that investor sentiment may be returning to positive.”

Meanwhile, improved sentiment between early Christmas rallies and crypto traders, after appearing on CNBC Galaxy digital Yesterday, CEO Mike Novogratz.

In an interview, well-known cryptocurrency proponents said they were hoping for “low volatility” in the future. He added that he sees Bitcoin as a “tailored made as a valuable store” rather than a trading currency.


learn more:

―――― 2022 Bitcoin and Ethereum Price Forecast
―――― How the global economy will affect Bitcoin, Ethereum and crypto in 2022

―――― Half of the millennial billionaires surveyed will buy more Bitcoin, Ethereum in 2022
―――― Bumper 2022 Altcoins – Report with Doubled Cryptographic Traders

―――― Adoption of cryptography in 2022: What do you expect?
―――― Bitcoin, Ethereum jump where Fed doubles taper, rising signal rate, discussions about cryptocurrencies

- Advertisment -
Google search engine

Most Popular

Recent Comments