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Bitcoin (BTC), Ethereum (ETH), Rise, and Dogecoin (DOGE)

Bitcoin And the Ethereum It traded higher on Tuesday evening, even as the global cryptocurrency market cap fell 1% to $1.3 trillion in the 24 hours before press time.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar 2.7% -2.3% $31,160.61
Ethereum ETH / USD 3.3% 6.6% $1,818.52
Dogecoin dog / dollar -2.3% -6.5% 0.08 dollars

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
chain link (Link) + 9.95% $8.71
Arrow (EN) + 6.6% US $13.88
unacceptable (DCR) + 3.8% $36.27

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why does it matter: Price action in the two largest currencies remained largely range-bound even as other risky assets such as stocks rose on Tuesday, brushing aside recession fears.

The latest GDP tracker now for the Federal Reserve in Atlanta points to a rise of just 0.9% in the second quarter.

In the first quarter of 2022, GDP growth declined by 1.5% annually. A second consecutive quarter of negative growth could meet the criteria for a recession.

According to him, stock traders may be expecting a recession in the first quarter of 2024 Edward Moyaa senior market analyst at OANDA.

While stocks can benefit from strong profits after the peak of inflation, cryptocurrencies may decouple from stocks.

“Bitcoin’s relationship with stocks could break and that could lead to greater volatility in the short term. If bitcoin drops below the $28,000 level, it could get ugly because prices may not see support until the $25,500 level,” Moya wrote in a note I have seen. Benzinga.

Cryptocurrency Dealer Michael van de Poppe He tweeted that the odds of a June recovery are rising with altcoins doing better on the daily time frame as well. He said there could be a 50-100% rise in altcoins.

Asian investors said they are buying bitcoin from their counterparts in the US and Europe Will Clemente on Twitter.

Meanwhile, the number of losing Ethereum addresses (7-day moving average) reached an all-time high of 35.7 million, according to data from Glassnode.

Number of Ethereum Addresses at Loss – Courtesy Glassnode

GlobalBlock Analyzer Marcos Sotero She touched on the sale of bitcoin miners in May. “I think this selling pressure from miners may be due to the bitcoin price drop, which has reduced miners’ profitability,” he said.

The analyst said he was not as concerned with the miners’ behavior as Intel Corporation INTC It launches second-generation bitcoin mining chips, which it says are more efficient than competitors.

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