Cryptocurrency Market Shows Minimal Movement on Friday

sevval13/09/20242 Mins read290

Cryptocurrency Market Shows Minimal Movement On Friday

Cryptocurrency Market- Ethereum Faces Steeper Decline: Down 15% Over the Past Month

Cryptocurrency Market– The cryptocurrency market displayed minimal movement on Friday. At the time of writing, Bitcoin is trading flat at $58,020, down a mere 0.4% in the last 24 hours and down 5% compared to this time last month.

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Bitcoin Holds Steady at $58,020 Despite Minor Decline

Bitcoin has maintained a relatively stable price, showing only a small decline of 0.4% over the past day. However, it has experienced a 5% decrease over the past month, reflecting a period of consolidation in the market.

Ethereum Faces Steeper Decline: Down 15% Over the Past Month

Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing a slightly steeper decline in Friday morning trading. At $2,345, it has slipped 0.8% in the last day, according to CoinGecko data. Notably, Ethereum has underperformed Bitcoin over the past month, dropping 15% compared to Bitcoin’s 5% decline.

Analysts Predict Potential Bottom for Ethereum in 2-4 Months

Amid this period of consolidation, analysts from 10X Research suggest that Ethereum could be approaching longer-term oversold conditions. While they caution against expecting an immediate rebound, the firm predicts a potential bottom forming within the next two to four months.

Key Indicators to Watch: RSI and Stochastics for Ethereum Reversal

The 10X Research team advises traders to monitor medium-term reversal indicators such as RSI (Relative Strength Index) and Stochastics. These metrics are crucial in signaling a turnaround from deeply oversold levels. RSI measures the speed and change of price movements to identify overbought or oversold conditions, while Stochastics compares a security’s closing price to its price range over a set period, helping to predict potential market reversals.

Divergent Trends in ETF Market: Bitcoin ETFs See Inflows, Ethereum ETFs Face Outflows

The ETF market is showing divergent trends between Bitcoin and Ethereum products. On September 12, Bitcoin spot ETFs experienced a net inflow of $39 million, with ARK’s ARKB and Fidelity’s FBTC leading the charge, contributing $18.3 million and $11.5 million respectively. In contrast, Ethereum spot ETFs experienced a net outflow of $20.1 million on the same day, primarily driven by Grayscale’s ETHE fund.

FAQs

What is the current price of Bitcoin and how has it changed recently?

As of the latest update, Bitcoin is trading at $58,020. It has experienced a minor decline of 0.4% in the past 24 hours and a 5% decrease over the last month.

How is Ethereum performing compared to Bitcoin?

Ethereum is facing a slightly steeper decline compared to Bitcoin. It is currently priced at $2,345, having dropped 0.8% in the last day. Over the past month, Ethereum has fallen by 15%, while Bitcoin has seen a 5% decrease.

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.