Holding It Together: Bitcoin, Ethereum, and Dogecoin Is cryptocurrency “Close To The Bottom” during the tech-stock meltdown?

At 8:11 p.m. EDT on Thursday, major coins were mixed as the market capitalization of all cryptocurrencies increased by 0.5% to $947 billion.

Major coins showed resilience in the face of a tech crisis on Thursday on the stock market, despite Ethereum trading in the red. While the S&P lost about 80 points, the Nasdaq concluded the day down more than 300 points.

At the time of writing, the Nasdaq and S&P 500 futures were both slightly higher, up 0.3% each.

According to a report reviewed by Benzinga from OANDA Senior Market Analyst Edward Moya, “Bitcoin’s link with tech equities exists, but it isn’t breaking as badly as it has over most of this cycle.”

“Despite an almost 4% decline in the Nasdaq, Bitcoin remains above the $19,000 mark. Wall Street seems to think that cryptocurrency is about to bottom out and will become a desirable diversification strategy after the peak in Bond yields has been reached.

“Calls for another crypto crash have indeed been fairly subdued,” said Moya. Bitcoin, according to him, has “strong support” over the $18,000 level.

If the link between Bitcoin and equities is decreasing, according to market intelligence platform Santiment, “this is quite promising.”

On-chain analytics, according to GlobalBlock expert Marcus Sotiriou, are indicating some encouraging indicators for the top cryptocurrency.

Comparing the STH Realized price to the LTH Realized price, he claimed that, up until last weekend, the STH Realized price had only ever crossed the LTH Realized price three times in the history of Bitcoin.

Cost Base Analysis for Bitcoin, provided by GlobalBlock through Glassnode
The previous times this occurred, it showed a bottoming process. If Bitcoin follows the same path as previous bad markets, we can keep an eye on whether the STH band crosses back and over LTH band to perhaps suggest a restart in the bull market,” said Sotiriou.

On Thursday, Glass node tweeted that the LTH profitability has fallen to levels last seen during the bear market’s lows in December 2018.

According to the on-chain analysis company, “Long-Term Holders are trading $BTC at an average loss of 42%, showing LTH spent coins get a cost basis around $32k.”

The economic problems in the UK continue to affect Bitcoin. According to Michal van de Poppe, the traded volume for the apex currency increased 11 times on Thursday.

Bitcoin is the solution, the cryptocurrency trader wrote in a tweet. But by the time the majority of people recognize this, it will already be too late. The moment to accumulate is so right now.

The economic problems in the UK continue to affect Bitcoin. According to Michal van de Poppe, the traded volume for the apex currency increased 11 times on Thursday.

Bitcoin is the solution, the cryptocurrency trader wrote in a tweet. But by the time the majority of people recognize this, it will already be too late. The moment to accumulate is so right now.

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