Ethereum’s Adoption Rate After 5 Years Far Exceeds Bitcoin’s

One key metric suggests that Ethereum (ETH) has enjoyed a much faster rate of adoption and growth in the first five years of existence than Bitcoin (BTC). Comparing the total number of addresses after n days for both Bitcoin and Ethereum. Source: Cointelegraph, Glassnode, Etherscan. We compared the total number of addresses created in the first five years on both major blockchain networks. While the number of addresses could be a good gauge of the rate adoption, it may not be perfect for various reasons. One reason is that the…

Analyst Who Predicted Bitcoin’s 2018 Bottom Thinks $12k Is Imminent

Bitcoin has faced a rather strong correction after its explosion to the $11,500 highs. At the recent lows, the asset traded as low as $10,600 — around 8% below the local highs. Despite the retracement and the fact that BTC remains below $11,000, analysts remain bullish on Bitcoin. One historically accurate trader, for instance, just said that he thinks BTC could soon move higher to $12,000. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue Analyst Expects $12,000 As Bitcoin Coils Above Crucial Support…

This Key Metric Suggests Bitcoin‘s Rally is Just Getting Started

Bitcoin’s intense rally throughout the past couple of days has allowed it to fly past multiple crucial resistance levels. Bulls are now attempting to form the $11,000 price level into a strong base of support, but the selling pressure here appears to be ramping up. One positive technical development seen overnight was the potent reaction to the $10,500 level. This previously crucial macro resistance level has now been confirmed as a strong support level, as BTC dipped here overnight before seeing an instant influx of buying pressure that sent it…

Exchange Activity Explodes Following Bitcoin’s $10K Breakout

Bitcoin’s (BTC) recent breakout was accompanied by a massive spike in on-chain exchange volume activity, according to data from Glassnode. On-Chain exchange activity. Source: Glassnode. Unlike regular trading volume that is often artificially inflated by the exchanges, on-chain activity may be more indicative of the true patterns. Interestingly, the only metric that experienced a downward trend is the number of exchange deposits. This may be a bullish sign in its own right. Weekly percentage change in volume. Source: Kaiko. 700% growth in DAI/USDT The data for the previous week indicates…

Here’s Why It Could Follow Bitcoin’s Rally

Ripple traded to a new monthly high at $0.2252 against the US Dollar. XRP price is currently holding the $0.2145 support zone and it could rally above $0.2200. Ripple remained in a positive zone above the $0.2000 and $0.2100 levels against the US dollar. The price traded to a new monthly high at $0.2252 and settled well above the 100 hourly SMA. There is a key contracting triangle forming with resistance near $0.2195 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to…

Ethereum Price Rally to $370 Depends on Bitcoin’s Upcoming Weekly Close

On Saturday Bitcoin (BTC) and Ether (ETH) price perked up as BTC briefly pushed above $9,700 and Ether set a 2020 high at $309.  The weekend surge comes as a bit of a surprise as weekends are typically marked by low trading volume and some traders avoid the markets due to the volatility that sometimes accompanies the weekly close.  Crypto market weekly price chart. Source: Coin360 Technicals aside, Ether’s rapid ascent to $309 could also be receiving a sentiment boost from the news that the total value of funds locked…

These 3 Factors Suggest Bitcoin’s Uptrend is Just Getting Started

Bitcoin saw a notable upswing yesterday that allowed it to put some serious distance between its current price and its recent low. The benchmark cryptocurrency is starting to show signs of breaking its bout of incredibly low volatility. However, it has yet to shatter the upper boundary of its macro trading range, which sits at $10,000. Analysts are noting that there are a plethora of factors currently counting in BTC’s favor, including a MACD bull cross, its break above a multi-week trading range, and some positive signs on its lower…

Gemini CEO on How the Federal Reserve Will Boost Bitcoin’s Next Bull Run

Bitcoin’s fundamental case continues to strengthen as developments regarding the next stimulus bill continue. Industry executives believe that this could act as a catalyst for this market moving forward. This comes as BTC has begun to inch higher after weeks of consolidation. As of this article’s writing, Bitcoin trades for $9,500 — the highest price in weeks. Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH How the Federal Reserve Could Boost Bitcoin Higher Despite attempts to reopen society, the U.S. is far from…

Analyst Who Predicted Bitcoin’s 40% October Rally Warns of BTC “Head Fake”

Bitcoin price this morning broke through a short-term downtrend line making up the top of a symmetrical triangle pattern. The currently unconfirmed breakout also caused the “first lift” in the Bollinger Band squeeze resulting from dwindling volatility. This lift is normally a sign of the Bollinger Bands expanding and an explosive move beginning. However, the technical indicator’s creator and financial analyst John Bollinger, is warning of a potential “head fake” in BTCUSD. The last time the analyst made such a call, a historic, record-setting 40% pump followed. Lift Begins In…

This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon

Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone. Bitcoin is still struggling to settle above the $9,200 and $9,220 resistance levels. The price is currently trading above the $9,150 support and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $9,155 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum…