Bitcoin, Ethereum, Dogecoin Fail To Break Out And The Next Few Weeks Could Be 'Very Choppy' - Bitcoin - United States Dollar ($BTC)


Major coins traded flat Monday evening as the global cryptocurrency market capitalization inched up 0.06% to $2.19 trillion.

What Happened: Bitcoin (CRYPTO: BTC) traded 0.45% higher at $46,896.55 over 24 hours. The apex coin has fallen 0.5% for the week.

The second-largest cryptocurrency by market cap, Ethereum (CRYPTO: ETH), rose 0.17% to $3,939.92 over 24 hours. Over the last seven days, it has risen 3.1%. 

Dogecoin (CRYPTO: DOGE) fell 1.42% to $0.17 over 24 hours. Over a seven-day period, the meme coin has risen 5.3%.

Self-described DOGE-killer, Shiba Inu, traded 2.34% higher over 24 hours at $0.00003. For the week, it fell 5.6%.

The top three gainers over 24 hours were yearn.finance (YFI), Revain (REV), and Helium (HNT), according to CoinMarketCap data.

YFI rose 11% to $36,325.20, REV was up 10.7% to $0.0099, while HNT gained 9.9% to $34.90 during the period.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The “Fear and Greed Index” by Alternative indicated “Fear” at press time, while yesterday it was at “Extreme Fear.”

The supply of Tether (USDT) on exchanges has shot up to a 1-year high, which is an indication that investors are risk-averse and have sold into stable assets, noted Delphi Digital. 

“About 31% of the total USDT supply are sitting idle on exchanges, suggesting traders are turning risk-off or locking in end-of-year profits.”

Supply Of USDT, ETH, BTC On Exchanges — Courtesy Delphi Digital 

ETH and BTC assets have fallen over the year on exchanges; they stand at 11.8% and 13.7% of total supply on exchanges,  as per the independent research firm.

On-chain analyst Willy Woo tweeted Monday that Bitcoin is oversold pointing to a metric known as Network Value to Transactions. The ratio represents Bitcoin’s network value or the current market cap and the transaction value transmitted through the apex coin’s blockchain over 24 hours.

Edward Moya, a senior analyst at OANDA, said falling trading volumes could “complicate” Bitcoin’s price action.

“Many investors remain long-term bullish and the uncertainty over the potential short-term pain has many traders waiting until Bitcoin dips towards the $40,000 level,” wrote Moya, in an emailed note.

“The next couple of weeks could be very choppy for Bitcoin as the primary catalyst may come from what happens on Wall Street.”

Read Next: These 5 Cryptos Struck Big Gains Last Week Even As Bitcoin Slumped — Sign Of Trouble For The Apex Crypto Heading Into 2022?





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