Bitcoin Near $58.2K, Ethereum Around $2.1K

April 8, 2021

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Bitcoin Near $58.2K, Ethereum Around $2.1K

Bitcoin was exchanging near $58,246, sliding down by 1.31% in the past 24 hours as of 20:00 UTC. BTC’s 24-hour price range is $57,421 to $59,484. Recently, bitcoin’s price fluctuations have been less exciting than the triple, and often quadruple digit percentage profits faced in alternative cryptographic money, or altcoins. 


The leading cryptocurrency has exchanged in a narrow price range between $56,552 and $60,102, since the past week, while ETH, the local token of Ethereum network, has hit more than 20% to reach an all-time high above $2,100. Also, Bitcoin exchanges much below its 10-hour and 50-hour midpoint on the hourly chart volume, showcasing a bearish signal in the market.


Ethereum was exchanging near $2,114, sliding 0.44% in the past 24 hours as of 20:00 UTC. ETH exchanges above its 10-hour and 50-hour moving midpoints on the hourly chart volume, indicating a bullish signal in the market. However, Ether’s 24-hour price range is $2,045 to $2,151.  


The annualized futures premium rate, a measure of bullish bets has arrived at the midpoint of 22% to 25% on retail-engaged derivatives trades like Deribit, FTX, Binance, and BitMEX. However, with the expanding bullishness comes a higher risk of a snap-back, the bitcoin market encountered an aggregate of $27.5 billion worth of long position liquidation during the principal quarter of 2021, mirroring the enormous measure of leverage in the business sectors developed as the biggest digital currency mobilized into the new year, as indicated by Arcane Research in its weekly bulletin on April 6. 


Ethereum and other altcoins keep on beating bitcoin. The No. 2 digital currency by market cap has exchanged above $2,000 since it guaranteed another unsurpassed high daily prior. As of April 6, in excess of 10 million ETH are secured in decentralized finance, up from around 7 million 90 days prior, as indicated by DeFi Pulse.



Read more: Crypto Market


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