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Bitcoin (BTC) Balance on Exchanges Falls Below Yearly Lows: Glassnode Analysts

News
Sat, 06/20/2020 - 15:18
Vladislav Sopov
Bitcoin (BTC) flows out of exchanges, as revealed by a top-level analytical team Glassnode. It perfectly reflects the overall uncertainty of the crypto markets.
Bitcoin (BTC) Balance on Exchanges Falls Below Yearly Lows: Glassnode Analysts
Cover image via stock.adobe.com
Contents

Analysts highlighted the previous anti-record that was set only five days ago on June 15, 2020. The new record low is around 0.41%.

Worrying Trend

Glassnode Alerts, an automated on-chain alert mechanism by Glassnode's analytical studio, detected a sustainable tendency of Bitcoin (BTC) flowing out from storage exchanges. According to the service, new yearly lows have been revisited twice this week.

Glassnode detected that Bitcoin (BTC) leaves the exchanges
Image via Twitter

Typically, the community lacks the consensus about whether this process should be interpreted as bearish or bullish. It definitely indicates the aggression of hodlers, who are moving Bitcoin (BTC) to cold storages and third-party wallets. Some of them may even be transferring their crypto riches to 'doomsday' saving locations.

Thus, mainly 'ideological', strong-willed accumulators have contributed to this prominent trend, but not daily nor even weekly traders who closely track the price swings.

At press time, Bitcoin (BTC) was changing hands at $9,285 on major spot exchanges, down only 1% in the last 24 hours. Bitcoin (BTC) failed to leave mid-term bearish channel, which was created by two zero-sum attempts to conquer the bearish stronghold over $10,000.

The Realm of Uncertainty 

It appears that the vast majority of Bitcoin (BTC) traders are confused right now and lack the confident understanding of the direction of the king coin's next price moves.

As recently covered by U.Today Crypto News, numerous top-level crypto traders and analysts are sure that the price of Bitcoin (BTC) may drop significantly before the next bullish run. For instance, Dutch trading expert Michael van de Poppe foresees BTC possibly visiting $9,050 before another  beautiful upsurge.

Anonymous trader Parabolic Thies predicts that Bitcoin (BTC) may drop towards $8,900 or even to the $8,300 level. By the way, it will be the basic point for a spike above $10,000.

In turn, this spike will meet the resistance by the bears at $10,300. So, it may not be the last attempt to take root above $10,000 for the flagship cryptocurrency.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
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John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)