The cryptocurrency market continues to grow for the time being. With the exception of a handful of crypto, almost all prices are in the green today. Total market capitalization has increased from $2.22 trillion to $2.29 trillion in the past 24 hours. It looks like (older) bitcoin (BTC) ‘HODL’ers’ are holding their crypto for the time being, a bullish sign.
Despite volatility to both upside and downside, older #Bitcoin holders appear unshaken.
Spent Volume Age Bands (SVAB) show that over last two weeks, old hand (>1yr) $BTC spending has fallen to multi-year lows.
This shows conviction to HODL.
Live Chart: https://t.co/PxtmsySvUm pic.twitter.com/fhbBFue0tm
— glassnode (@glassnode) September 15, 2021
Bitcoin
Bitcoin (BTC) has been in an uptrend for three days now. On Monday, bitcoin briefly fell to $44,000 due to the fake news about litecoin (LTC). Yesterday evening, bitcoin recaptured $48,000 again and held above that overnight. Shortly after midnight, bitcoin briefly peaked to $48,600.
However, in the early hours of this morning, bitcoin briefly plunged downwards all the way to $47,000. Then the price immediately made a strong bounce back up to $48,600. Bitcoin then corrected slightly lower but held steady above USD 48,250 and is climbing back towards that same peak at the time of writing.
Should bitcoin continue to climb at this rate in the coming days, it will likely see another retest of the $50,000 this week and could move quickly after that.
#BTC closed above 47.2k, 200 MA on 4 hour, multiple key levels, and is now back in the green zone. So far today, we are seeing a bullish backtest of the 21 day EMA. Although early, near term technicals are improving and the probability of a bottom at 42.8k continues to increase. pic.twitter.com/ASZJBNJeRs
— Daniel Joe (@DanielJoe916) September 16, 2021
altcoins
Ethereum (ETH) is rising even faster. Ether price has also been in an uptrend for three days and recaptured $3,500 last night and tied at $3,600 last night. Ether then also made a dip down, but not nearly as deep as bitcoin. Ether briefly fell back to $3,500, then jumped right up to $3,675, the highest since the September 7 crash. At the time of writing, ether is falling again, but still appears to hold above USD 3,630
Cardano (ADA) initially lagged against the above two cryptos this week, but suddenly made quite a jump yesterday afternoon. The ADA price rose 8% from $2.39 to $2.58. Since then, however, ADA has been falling again, reaching as low as $2.43 this morning. Subsequently, ADA recovered back to $2.50, but failed to break through this yet.
For the rest, many decentralized finance (DeFi) tokens are again attracting. The hardest risers from the top 100 today are the following crypto: maker (MKR) and polygon (MATIC) are 10% in the plus, curve (CRV) 12%, telcoin (TEL) 13%, avalanche (AVAX) 14%, synthetix (SNX) 16%, thorchain (RUNE) 17%, sushi (SUSHI) 19% and horizen (ZEN) 23%. The rise in the ZEN price is again due to the infamous “Coinbase effect:”
We are thrilled to announce that $ZEN is launching on @CoinbasePro. Inbound transfers or ZEN to Coinbase Pro start today. Trading will begin on or after 9AM Pacific Time (PT) Thursday, September 16.
Learn more at https://t.co/NJ9sc5TBkO
— Horizen (@horizenglobal) September 15, 2021