Ethereum Gains Surpass Bitcoin, Dogecoin: Analyst Says ‘Scalp Trading’ Enabled On Apex Crypto Could Push It To $22,000 – Bitcoin (BTC/USD), Ethereum (ETH/USD)
The major coins were seen in the green on Sunday evening as the global cryptocurrency market cap rose 1% to $947.5 billion as of 9:19 p.m. EDT.
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Why is this important: Bitcoin and Ethereum were seen trading higher intraday even as US stock futures opened in the red at the start of the new trading week. S&P 500 and Nasdaq futures were each trading down 0.5% at the time of writing.
Ethereum’s gains exceeded those of Bitcoin on an intraday and seven-day basis.
There was an “increase” in the number of new Ethereum addresses created on Sunday. Saniment tweeted that 135,780 new ETH addresses appeared on the network.
“That’s 11.1% more network growth than the second high of 2022 (January 3). Rising utility usually foreshadows potential asset breaks,” the market news platform said.
#Ethereum saw an influx of new addresses created on Saturday, with 135,780 new $ETH addresses appearing on the network. This is 11.1% more network growth than the second high of 2022 (January 3). Utility increases generally foreshadow potential asset breaks. https://t.co/tIRv6sJxJc pic.twitter.com/boA6v5jk8W
— Santiment (@santimentfeed) October 9, 2022
On the macro side, Labor Department data said the United States added 263,000 jobs in September — a number higher than the 250,000 estimated by economists.
OANDA Senior Market Analyst Edouard Moya said we “won’t see a Fed downgrade at the next FOMC meeting in November.”
“The labor market is still strong and inflation is not coming down fast, which still means the Fed could take rates as high as 5% and that will break parts of the economy,” Moya wrote in a note. seen by Benzinga.
“Bitcoin still looks set to stay in its consolidation pattern,” Moya said after the non-farm numbers were released and warned that the upcoming inflation report in the new trading week could “change” that.
Consumer price index data is expected to be released on Thursday. Risky assets would also be affected by the release of earnings data from some major banks this week.
Meanwhile, the “Crypto Fear & Greed Index” showed “Extreme Fear” at the start of the new trading week. The measure remained unchanged from last week.
Michael van de Poppe said “scalp trading” has been enabled on Bitcoin. “If that happens, swing longs are probably the way to go too. Cracking [$20,000] and i guess we’ll see [$22,000].”
Scalp trade on #Bitcoins activated.
If that happens, long swings are probably the way to go as well.
Crack $20,000 and I guess we’ll see $22,000+. pic.twitter.com/0OA7TvJEiv
— Michael van de Poppe (@CryptoMichNL) October 9, 2022
CryptoQuant analyst Dan Lim stated that the longer the cryptocurrency market falls “the less short-term buying” takes place in a position.
The community-driven analytics platform said on Twitter that Bitcoin was in a “No One Buy” zone.
$BTC – we are in the “No One Buy” zone
“…there aren’t many people who actually buy when the price goes down for a long time.”
— CryptoQuant.com (@cryptoquant_com) October 7, 2022
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