Marché Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K

Bitcoin broke above $52,000 Mercredi, with a market capitalization nearing $1 mille milliards.

  • Bitcoin (BTC) négocier $52,231.69 à partir de 21:00 UTC (4 pm. ET). Gaining 7.16% sur le précédent 24 heures.
  • Autonomie de 24 heures de Bitcoin: $48,430.80-$52,536.47 (CoinDesk 20)
  • BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Feb. 15.
La source: TradingView

Bitcoin trading volume on major exchanges.
La source: CoinDesk

Bitcoin is in “uncharted territory,” said Hunain Naseer, senior editor at OKEx Insights, after its price surged to a new all-time high above $52,000, only a day after it passed the key psychological threshold of $50,000.

Price volatility remains high when compared with major macro assets including the Standard & Poor’s 500 Index of stocks, gold and bonds.

La source: Recherche CoinDesk, St. Louis Fed, Yahoo Finance

“We can expect some consolidation between $50,000 et $52,000, with a possible retest of the $49,000 soutien,” Naseer added.

Lire la suite: Bitcoin prêt pour des gains à court terme supérieurs à 51000 $ alors que MicroStrategy augmente son accord de dette

One bullish signal: a large amount of stablecoin reserves on cryptocurrency exchanges, according to data from South Korea-based crypto data firm CryptoQuant. That could show traders moving stablecoins into place so they can buy quickly if the price is right.

“So many stablecoins in exchanges” compared with bitcoin held on exchanges, Ki Young Ju, PDG de CryptoQuant, dit CoinDesk, pointing out that selling pressure is relatively low.

The ratio of bitcoin reserved on all exchanges and all stablecoin held on all exchanges has declined since the beginning of the year.
La source: CryptoQuant

In the derivatives market, bitcoin futures on the Chicago-based CME logged a record high single-day trading volume and total interest on Tuesday, according to data from blockchain analytics site Skew. The elevated activity could be an indicator of rising bitcoin demand from institutional investors.

La source: Fausser

Institutional interest in bitcoin is also reflected in another market indicator called the Coinbase premium, a measurement of the price difference between Coinbase Pro’s BTC/USD pair and Binance’s BTC/USDT pair, said CryptoQuant’s Ki. The number flipped positive on Wednesday.

“Coinbase [NOUS. dollar] whales are like gatekeepers” of the bull market, Ki said of investors with large holdings.

Ether consolidates, institutional interest in futures rises

Éther (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday, négocier $1,828.15 and climbing 4.45% dans 24 heures à compter de 21:00 UTC (4:00 pm. ET).

On the technical side, ether is in a consolidation phase after losing short-term momentum, according to Katie Stockton, a technical analyst for Fairlead Strategies.

“I view the consolidation as healthy within the context of its steep uptrend,” Stockton said. “The 20-day moving average at $1,556 is a gauge of initial support.”

Lire la suite: Coinbase, Prêt pour la liste publique, Obtient une évaluation de 77 milliards de dollars du marché privé du Nasdaq

Ether’s correlation with bitcoin has been flat this month at around 0.68, after it moved down to as low as 0.55 en janvier.

“As long as bitcoin stays above $49,000 we can expect a rally in the altcoins, including ether,” OKEx Insights’ Naseer said. “But that will only happen when bitcoin’s volatility drops a little.”

La source: CoinDesk

À la fois, institutional interest in ether futures has grown significantly, according to data provided by blockchain analytics firm Glassnode.

La source: Glassnode

“One week after ether futures launched on CME, daily trading volume reached a total of $75.8 million yesterday – almost doubling Friday’s volume of $40 million,” Glassnode wrote in a tweet Wednesday. "Pendant ce temps, open interest has increased to $62 million.”

The launch of the CME’s new ether futures contract last week might be one reason why ether’s price has underperformed, said trader and analyst Alex Kruger.

Lire la suite: La loterie sans perte préférée d'Ethereum déposera son jeton de piscine aujourd'hui

“Ether is a high beta asset to bitcoin, and it is supposed to move in line,” Kruger said. “Sometimes its own set of technical and or fundamental drivers kick in and make price trajectories or performance differences.”

Autres marchés

Ressources numériques sur CoinDesk 20 are mostly in green Wednesday. Gagnants notables à partir de 21:00 UTC (4:00 pm. ET):

Perdants notables:

Produits de base:

  • Oil was up 0.37%. Prix ​​du baril de brut West Texas Intermediate: $61.22.
  • L'or était dans le rouge 1.09% et à $1775.03 au moment de la publication.

Trésors:

  • Les 10 ans aux États-Unis. Treasury bond yield fell Wednesday dipping to 1.286%.

Le CoinDesk 20: Les actifs qui comptent le plus pour le marché

Divulgation

Bloquons les annonces! (Pourquoi?)

La source: Coindesk

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