Ethereum Gains Outpace Bitcoin, Dogecoin: Analyst Says ‘Scalp Trading’ Enabled On Apex Crypto Could Push It To $22K – Bitcoin (BTC/USD), Ethereum (ETH/USD)
Major coins were seen in the green on Sunday evening as the global cryptocurrency market cap rose 1% to $947.5 billion at 9:19 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.5% | 2.1% | $19,507.12 |
| Ethereum ETH/USD | 1.7% | 4.1% | $1,335.24 |
| Dogecoin DOGE/USD | 1.2% | 4.5% | $0.06 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraClassicUSD (USTC) | +16.9% | $0.03 |
| Casper (CSPR) | +6.2% | $0.04 |
| XRP (XRP) | +5.55% | $0.54 |
See also: Best Crypto Debit Card
Why it matters: Bitcoin and Ethereum were seen trading higher intraday even as US stock futures opened up in the red at the start of the new trading week. S&P 500 and Nasdaq futures were each trading 0.5% lower at the time of writing.
Ethereum’s gains outpaced Bitcoin’s on an intraday and seven-day basis.
There was a “surge” in the number of new Ethereum addresses created on Sunday. Sentiment tweeted that 135,780 new ETH addresses appeared on the network.
“This is 11.1% more network growth than the second highest in 2022 (January 3). Utility rises usually herald potential asset breakouts,” the market intelligence platform said.
#Ethereum saw a wave of new addresses created on Saturday, with 135,780 new ones $ETH addresses that appear on the network. This is 11.1% more network growth than the second highest in 2022 (January 3). Utility rises usually herald potential asset breakouts. pic.twitter.com/boA6v5jk8W
— Santiment (@santimentfeed) 9 October 2022
On the macro front, data from the Labor Department indicated that the US added 263,000 jobs in September – the figure was higher than the 250,000 forecast by economists.
OANDA Senior Market Analyst Edward Moya said we “will not see a Fed tapering at the next FOMC meeting in November.”
“The labor market remains strong and inflation is not falling quickly, which still means the Fed could take interest rates as high as 5% and that would break parts of the economy,” Moya wrote in a note seen by Benzinga.
“Bitcoin still seems to remain in the consolidation pattern,” Moya said after the non-farm data came out and warned that the upcoming inflation report in the new trading week could “change” that.
The consumer price index data is scheduled to be released on Thursday. Risk assets will also be affected by the release of earnings data from some major banks this week.
Meanwhile, the “Crypto Fear & Greed Index” indicated that “Extreme Fear” entered the new trading week. The measure has been unchanged from last week.
Michael van de Poppe said that “scalp trading” is enabled on Bitcoin. “If this pans out, swing longs are probably the way to go too. Cracks [$20,000] and I guess we’ll see [$22,000].”
Scalp trade on #Bitcoin enabled.
If this plays out, swing longs are probably the way to go as well.
Talking $20K and I guess we’ll see $22K+. pic.twitter.com/0OA7TvJEiv
— Michaël van de Poppe (@CryptoMichNL) 9 October 2022
CryptoQuant analyst Dan Lim said the further the cryptocurrency market falls “the less short-term buying” takes place in a post.
The community-oriented analytics platform said on Twitter that Bitcoin was in a “No One Buy” zone.
$BTC – we are in the “No buyer” zone
“… not many people actually buy when the price falls over a long period of time.”
of @DanCoinInvestorRead more https://t.co/Dn45Q2xlSk
— CryptoQuant.com (@cryptoquant_com) 7 October 2022
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