Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) - Ethereum gains over Bitcoin, Dogecoin near key milestone: analyst warns things could go downhill post-merger

Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Ethereum gains over Bitcoin, Dogecoin near key milestone: analyst warns things could go downhill post-merger

Major coins were in the green late Wednesday as the global cryptocurrency market capitalization rose 1.5% to $1 trillion as of 8:20 p.m. EDT.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 0.3% 4.7% $20,264.02
Ethereum ETH/USD 4.4% 0.7% $1,644.77
Dogecoin DOGE/USD 2.6% 0.1% $0.06
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Celsius (A WAY) +27.8% $1.87
Ravencoin (RVN) +12.01% $0.07
Classic Ethereum (ETC) +10.5% $39.20

See also: Best Crypto Debit Cards

Why is this important: Ethereum’s intraday gains surpassed those of Bitcoin hours before “The Merge” – which moves the second-largest cryptocurrency from a proof-of-work framework to a proof-of-state mechanism.

Cryptocurrencies continued to trail US stock futures, which were up at the time of writing. On Wednesday, after a volatile session, the S&P 500 and the Nasdaq ended up 0.3% and 0.7% respectively.

Thursday saw the release of the Producer Price Index (PPI) data for August, which fell 0.1% month-on-month, compared to a 0.4% decline in July.

Investors await a slew of economic data Thursday morning, such as retail sales, jobless claims, import prices and the Philadelphia Fed’s manufacturing survey.

“Bitcoin’s best-case scenario was for the Fed’s soft landing to happen and now that looks less likely as the risk of a recession increases. A broader downturn is hitting Wall Street and that should keep Bitcoin grounded and stuck in this winter. crypto,” said Edouard Moyasenior market analyst at OANDAin a note seen by Benzinga.

Regarding the impending Ethereum merger, Moya said, “The Ethereum merger should be a pivotal moment for the cryptoverse and its current weakness more likely reflects investors’ expectations that we will see a classic reaction of ‘sell the event. “once the merge is complete.”

“Ethereum will likely continue to reduce Bitcoin’s lead as the top crypto, but the chances of a ‘reversal’ will have to wait a few more years.”

A Twitter poll conducted by Justin Bennett seems to agree with Moya’s assessment that The Merge is a “sale of the event” phenomenon as far as price action is concerned.

A majority, 49.2%, of the trader’s 2,330 survey respondents said ETH would drain after the upgrade, while 29.2% said it would pump. 21.6% said it was a “non-event”.

Michael van de Poppe explained on Twitter that the funding rate is “ultra negative” on Ethereum because people spotted ETH for an expected airdrop. “People hedge with shorts on $ETH to hedge their positions. Trade without risk.

The cryptocurrency trader said in a separate tweet that the funding rate on ETH is negative 0.2% because “everyone is shorting the meltdown.”

Negative funding rates below 0 mean short sentiment is dominant while rates above 0 indicate longs are dominant.

Willy Woo tweeted Wednesday, “Historically, lows coincide with short-term holders having a lower cost basis than long-term holders.”

“We are close, but not there yet. A little more time to burn,” said the popular Bitcoin analyst.

Read more : Bitcoin Mining Difficulty Hits All-Time High Even as Prices Fall

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