Bitcoin test is low, ETH faces the upgrade problem and seizes the leading currency in the market

in #bitcoin4 years ago

Today, ADA soared by 27%, successfully reaching the third place in market value. In this bull market, the third place in market value has changed hands many times. From XRP, USDT, BNB to ADA today, the third place is really difficult to do.

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From this week's performance, among the top 20 currencies in terms of market value, ADA rose by 55.5%,UNI rose by 17%,OKB rose by 5.8%,XEM rose by 1.2%, and the other currencies did not perform well, showing a sharp decline.

For BTC, building a new triangle at the bottom, whether to break up or adjust down will determine which direction the market goes. The current support level is 46,000 US dollars, and the pressure level is 48,500 US dollars.

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In the news, GBTC premium began to narrow, and Grayscale Bitcoin Trust(GBTC) with a scale of $31.6 billion plunged 21% this week, exceeding the 18% decline of Bitcoin. The large premium of GBTC over the underlying assets has disappeared.

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Thursday's closing price was 3.8% lower than that of the underlying assets, and the discount reached a record high, which indicated that the interest of institutions in bitcoin at this price began to decrease.

From the whale chart, we can see that Bitcoin has a strong support at $46,000. If it falls below this area, it may return to the support around $39,000. Therefore, keeping this area will determine the trend in the next stage.

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For ETH, the trend is also very weak. As can be seen from the figure, it has been tried many times at the bottom, but it has not fallen below, indicating that there is strong support near 1450, but the pressure level has failed to break through many times, facing more uncertainties.

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ETH plans to open EIP-1559 in order to cope with the high Gas level. If the upgrade is successful, the most influential group will be miners. Therefore, more than 60% of miners disagree with this upgrade, which leads to the sluggish ETH. ETH's DEFI share is declining and divided by other public chains, which makes the market feel pessimistic. Therefore, the impact of this upgrade on ETH is very important.

According to altcoin seasonal index, it is currently at the level of 61, which has not yet reached the extreme value area, indicating that there are still crazier altcoin seasons waiting for everyone in the future.

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The number of bitcoins in the exchange has dropped, which will reduce the selling pressure on the market and play a positive role in repairing the price.

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Miners still have a large number of bitcoins transferred out of their wallets, and the number continues to be high, far higher than the average value, which has always been a hidden danger for the market, which needs to be vigilant at all times.

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Coinbase's premium rate has remained at a low level, and it has been near axis 0 since January, indicating that the enthusiasm of foreign countries for snapping up has subsided, which is not a good phenomenon for the market.

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Bitcoin's capital rate has dropped to a low level, which has a positive effect on the market, and the contract market has slowly returned to calm.

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At present, the hot spots in the market are still in Polkadot series, such as DOT, KSM, coin security chain, fire currency chain and OK chain, such as OKT, HPT, CAKE, etc. Some DEFI plates, such as UNI and SUSHI, rotate quickly. The best way for everyone is to seize a hot spot, then focus on investment and wait for the market to stabilize and rebound.

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