Cryptocurrency
Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions
Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions: CoinDesk reports, “Bitcoin is knocking at the gates of $17,000 while Ethereum’s transaction growth in 2020 is a positive indicator of future financial use cases. Bitcoin (BTC) trading around $16,829 as of 21:00 UTC (4 p.m. ET). Gaining 6.1% over the previous 24 […]
Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions:
CoinDesk reports, “Bitcoin is knocking at the gates of $17,000 while Ethereum’s transaction growth in 2020 is a positive indicator of future financial use cases.
- Bitcoin (BTC) trading around $16,829 as of 21:00 UTC (4 p.m. ET). Gaining 6.1% over the previous 24 hours.
- Bitcoin’s 24-hour range: $15,792-$16,851
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price made big gains Monday, turning bullish out the gate from a weak weekend and hitting as high as $16,851, according to CoinDesk 20 data.
‘Bitcoin has accelerated to the upside on positive short-term momentum, upholding overbought conditions following its recent breakout above former resistance from 2019,’ said Katie Stockton, a technical analyst for Fairlead Strategies.
Momentum, as measured in the form of volume, was at $688 million as of press time, higher than the past month’s $404 million daily average on major spot exchanges.
‘The next resistance is final resistance from 2017 near $19,500,’ Stockton added. Based on CoinDesk 20 data, the last time bitcoin was at this price level was back on Jan. 6, 2018, when the daily high was at $17,211…”