Ethereum

Greed

Bitcoin

<p>Ethereum, the second-largest crypto by market capitalization, is making waves as its price dominance experiences a remarkable ascent, surpassing that of its formidable predecessor, Bitcoin. This unexpected development unfolds against the backdrop of a market correction and the disappointing reception of a Bitcoin Exchange-Traded Fund (ETF).</p>
<p>Once hailed as the undisputed leader and poster child of the crypto realm, Bitcoin is now facing a formidable challenge from Ethereum. With its versatile smart contract capabilities and a vibrant ecosystem of decentralized applications (DApps), the latter has steadily gained traction over the years. This rise to prominence has been further accelerated by recent market dynamics and a surprising setback for Bitcoin</p>
<h2 class="wp-block-heading" id="ethereum-leads-the-market-amid-the-btc-etf-flop">Ethereum leads the market amid the BTC ETF flop</h2>
<p>According to Santiment, an on-chain information source, Ethereum’s price supremacy has increased significantly versus Bitcoin, by +22.4% in the last week. This time has seen the creation of 89.4K new Ethereum addresses every day, demonstrating the platform’s expanding popularity. Notably, a remarkable 96.3K wallets were created only yesterday.</p>
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<p>At press time, Ethereum (ETH) is trading at $2,539.57 with a 24-hour volume of $14,918,729,392.10. This corresponds to a 0.33% price rise in the last 24 hours and a 5.85% price increase in the last 7 days.</p>
<p>The current price of Bitcoin (BTC) is $42,623.80, with a 24-hour trading volume of $24,604,811,589.08. This indicates a -0.68% price loss in the last 24 hours and a -6.31% price decline in the last 7 days.</p>
<p>The global crypto market cap is $1.77 trillion today, down 0.09% in the last 24 hours and 70.97% from a year ago. Bitcoin’s market cap is at $836 billion, reflecting a 47.3% dominance. Meanwhile, stablecoins’ market cap is $135 billion, accounting for 7.64% of the total crypto market cap.</p>
<p>In connection with these on-chain activities, Santiment’s data uncovers a noteworthy pattern in the supply of Ethereum on exchanges, which is approaching its lowest point in time at 8.05%. The adoption of self-custody and staking methods suggests a diminished likelihood of an impending selloff, which is a more advantageous situation in contrast to the apprehensions that stem from an increasing supply on exchanges.&nbsp;</p>
<p>The on-chain dynamics provide insights into the present market strength of Ethereum and the possible ramifications that this may have on future price fluctuations.</p>
<p>The $2,700 threshold, which signifies the upper limit of the short-term trading range, becomes a significant milestone. Analysts deem This level critical, and a successful breach could pave the way for a potential market advance, which would likely attract Fear of Missing Out (FOMO) traders.&nbsp;</p>
<p>On the contrary, Ethereum could retreat if it fails to surpass the hammer level established during the Monday trading session. If this were to occur, the crypto could potentially experience a decline in value towards the 20-Day Exponential Moving Average (EMA), which is located approximately at $2,300.&nbsp;</p>
<p>Traders are diligently observing these pivotal levels in anticipation of possible fluctuations in the near-term course of Ethereum.</p>
<h2 class="wp-block-heading" id="bitcoin-s-current-market-performance">Bitcoin’s current market performance</h2>
<p>A week ago, the US SEC’s X account was compromised, giving rise to fraudulent postings claiming that the agency had granted approval for every spot BTC ETF application. This caused a surge in price, which was promptly halted when SEC chair Gary Gensler declared the news to be false as a result of the breach.</p>
<p>The following day, however, the Commission granted approval to eleven of these products. Bitcoin reached a peak of nearly $48,000 after surging from $45,000 before retracing to its initial value. Thursday marked an additional escalation in volatility as ETFs debuted on US markets. The value of the cryptocurrency surged to a 21-month high of more than $49,000 within minutes.</p>
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   <p lang="en" dir="ltr">Bitcoin Fear and Greed Index is 60. Greed<br>Current price: $42,726 <a href="https://t.co/4Mwu0BT9PP" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/4Mwu0BT9PP</a></p>— Bitcoin Fear and Greed Index (@BitcoinFear) <a href="https://twitter.com/BitcoinFear/status/1747582069449044284?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">January 17, 2024</a>
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<p>Nonetheless, this was fleeting, as the asset declined by more than $7,000 over the subsequent thirty-four hours. Subsequently, Bitcoin has maintained a relatively stable price of nearly $43,000, exhibiting only minor fluctuations. <a href="https://twitter.com/BitcoinFear/status/1747582069449044284" rel="noopener noreferrer nofollow" target="_blank">Attempts</a> have been made for the last 24 hours to surpass that line but to no avail.</p>
<p>Notwithstanding their <a href="https://www.cryptopolitan.com/solana-mobile-unveils-saga-chapter-2-phone/" rel="noopener noreferrer nofollow">reputation</a> for considerable volatility as a whole, altcoins have maintained a relatively stable price over the past few days. Among the larger-cap alternatives, ETH, BNB, AVAX, DOGE, and DOT are marginally in the green, whereas XRP, ADA, and MATIC have experienced negligible losses.</p>
<p>Toncoin and Solana have gained the most from this group of digital assets. TONNE has gained 5% and is trading above $2.4, whereas SOL is up 3% and is currently trading above $97. Each Tron and Chainlink has experienced a 3% decline.</p>

Ethereum price dominance flips Bitcoin amid market correction

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