Ethereum Gains More Than Bitcoin, Dogecoin As It Approaches Key Stage: Analyst Warns Things Could Go Downhill After Merger – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

The majors were in the green on Wednesday evening as the global cryptocurrency market cap rose 1.5% to $1 trillion at 8:20 PM ET.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar 0.3% 4.7% 20264.02 USD
Ethereum ETH / USD 4.4% 0.7% $1644.77
Dogecoin DOGE / USD 2.6% 0.1% 0.06 dollars
Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Celsius (far) + 27.8% $1.87
Ravenquin (RVN) + 12.01% 0.07 dollars
Ethereum Classic (etc) + 10.5% USD 39.20

See also: Best crypto debit cards

why does it matter: Ethereum’s intraday gains outpaced Bitcoin’s gains hours before “The Merge” — which is turning the second largest cryptocurrency from a Proof of Work framework into a Proof of Case mechanism.

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

Thursday saw the release of the Producer Price Index data for August which fell 0.1% m/m compared to a 0.4% drop in July.

Investors are waiting for a slew of economic data Thursday morning such as retail sales, unemployment claims, import prices and the Philadelphia Fed Manufacturing Survey.

The best case scenario for bitcoin was a soft landing for the Federal Reserve, and now that looks less likely as the risk of a recession grows. There is a broader slowdown hitting Wall Street and that should keep bitcoin stuck in this crypto winter.” Edward Moyaa senior market analyst at OANDAin a note seen by Benzinga.

On the impending Ethereum merger, Moya said: “The Ethereum merger should be a pivotal moment for the crypto space, and its current weakness will likely reflect investor expectations that we will see a classic ‘sell-event’ reaction once the merger is completed.

“Ethereum will likely continue to shake off Bitcoin’s lead as the best cryptocurrency, but the chances of ‘volatility’ will have to wait a few more years.”

Twitter poll conducted by Justin Bennett It seems to agree with Moya’s assessment that consolidation is a “selling event” phenomenon as far as price action goes.

The majority, 49.2%, of 2,330 respondents to the merchant survey said that ETH will divest after the upgrade, while 29.2% said it will inject. 21.6% said it was a “non-event”.

Michael van de Poppe He explained on Twitter that the funding rate is “extremely negative” on Ethereum as people are targeting ETH for an expected airdrop. Risk Free Trading.

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

Negative funding rates below zero means that short sentiment is dominant while rates above 0 indicate that long positions are dominant.

Willy Woo In a Wednesday tweet, “Historically, bottoms coincide with short term owners having a lower cost basis than long term owners.”

“We are close, but we are not there yet. More time to burn,” said the famous bitcoin analyst.

read the following: Bitcoin mining difficulty reaches an all-time high even as prices drop

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