![]() Since finding a local bottom at about $2,750 at the end of September, ether has been on a tear, up over 70% with only modest healthy corrections to its daily 21-period moving average.Īccording to, which tracks ether burned as a result of transaction activity on the network, today Ethereum surpassed 800,000 ETH burned - almost $3.8 billion at today’s prices - since its ‘London’ upgrade in August. ![]() In the same timeframe, the Bitcoin network hashrate has been on a steady rise since the China mining shakeup earlier this year. Trending exchange outflows is historically indicative of long-term accumulation, as traders moving bitcoin off exchanges do not intend to sell. Other healthy fundamental metrics are the bitcoin balance on exchanges, which has fallen to 2.3 million BTC - a multi-month low. That’s generally bullish, as we have seen several sharp corrections induced by the over-exuberant use of leverage among bitcoin boosters. While volatility can come in either direction, global perpetual futures funding rates have remained relatively muted, therefore there is little sign the leverage is heavily weighted to the long-side. ![]() That combination yields a record rise in the global leverage ratio - a measure of how much leverage traders are taking on - which often precedes an increase in market volatility. In the interim, open interest on exchanges has continued to rise while exchanges’ BTC reserves have been on a prolonged downtrend. Bitcoin dominance is far from its local peak even as price regains the $66,000 level Source: TradingView BTC.D Market data site CoinGecko currently registers the cryptoasset market cap at $3.01 trillion, although the stats provided by Binance’s CoinMarketCap, as well as TradingView, put the total market cap in the $2.84 to 2.87 trillion range.īitcoin’s dominance relative to the total digital asset universe spiked over 3% to just shy of 44%, and has set in a new daily higher-low, reversing a two-week-long downtrend which began the last time bitcoin’s price neared $67,000 on October 20. Ether followed suit, registering an all-time high of $4,735 six hours later, leading to a sharp jump in the total market cap of all digital assets - also at all-time highs. Following the weekly close, BTC shot up 2.7% over the next hour, and continued as high as $66,426 before entering a consolidation. The top two cryptocurrencies, bitcoin and ether, both registered strong gains early Monday, following bitcoin’s Sunday price close of $63,312 - a new record.
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