Bitcoin Dips as Ethereum Climbs
It’s another day of Ethereum (ETH) making gains that Bitcoin (BTC) is missing out on, as ETH adds another 0.94%.
Meanwhile, Bitcoin is down 0.27% for Tuesday to $52,221 (BTC/USD). Over the last week, Bitcoin has stayed somewhat flat, moving very little while many of its competitors are being carried by the bulls.
Bitcoin may be due for a turnaround soon, as its trade volume is picking up. At press time, Bitcoins trade volume had spiked 24% in the last 24 hours. Even though the price has not moved much, investors may be gearing up to boost Bitcoin’s gains and push it up to $53,000.
Ethereum is experiencing a similar trade volume increase, up 23% over the last day. ETH has been gaining day by day as well, moving up 10% over 7 days. We expect that trend to continue, though Wednesday’s Federal reserve remarks may hinder its progress. Right now, Ethereum is at $2,935 (ETH/USD).
Ethereum Is Holding Strong
We have seen incredible growth from Ethereum over the last few months, and 2024 has managed to be a great year for the coin so far. In our last few assessments, Ethereum was outpacing Bitcoin in daily gains. Though we do not expect ETH to move higher than BTC or outrank it anytime soon, the investors are paying close attention to ETH. The bulls have this coin right now, and even though its upward progress is slowing, it could easily pick up later today.
The overall crypto market is very healthy and should continue to be so, even if the Fed cuts interest rates soon. Because of the week to week growth we have witnessed for 2024, we expect February to continue to be a strong month for the market and especially for Ethereum and Bitcoin. These two major movers are very likely to hold onto much of their gains even if they do drop and to continue pushing higher in the coming weeks.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals