Bitcoin, Ethereum, Dogecoin Steady Amid Stronger Equities


Bitcoin and Ethereum were little changed over 24 hours leading up to Thursday night as the global cryptocurrency market cap rose 1.05% to $2 trillion.





Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -0.3% -4.3% $43,405.22
Ethereum ETH/USD 0.85% -1.8% $3,228.88
Dogecoin DOGE/USD 0.6% 5.7% $0.15





Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
NEAR Protocol (NEAR) 16.1% $17.24
Mina (MINA) +12.1% $3.47
Ethereum Classic (ETC) +10.75% ​​$43.61

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Among risk assets, equities made a favorable comeback with investors on Thursday, as the S&P 500 and Nasdaq gained 0.4% and 0.06%, respectively.

The U.S. Federal Reserve’s hawkish turn pushed the yield on 10-year Treasury notes to a three-year high and the dollar to a near two-year high. The yield on the 10-year paper rose 3.8 basis points to 2.647% on Thursday. The dollar index rose to 99.823, the highest since May 2020, according to a report from Reuters. 

On the cryptocurrency side, investor sentiment remains weak. Alternative.me’s “Crypto Fear & Greed Index” flashed “Fear” at press time, while the index showed “Neutral” last week.

However, the apex coin could struggle in the near future, according to Edward Moya, a senior market analyst with OANDA.

“Bitcoin has held up nicely given the recent bond market selloff, but it could struggle if that move continues. Bitcoin’s long-term outlook remains bullish but if risk aversion runs wild, it could be vulnerable to a drop towards the $38,000 level,” said Moya, in a note seen by Benzinga.

The apex coin is at an “important breaker,” said cryptocurrency trader Michaël van de Poppe on Thursday. Should it fail to hold on, it could see a test around the $36,000 level, he said.

Despite the suppressed prices, Bitcoin whale transactions have not taken a hit. Cryptocurrency data feed Santiment said it saw the largest spike in whale transactions in April on Thursday: 1,146 BTC moves valued at $100,000 or more.

Selling pressure on BTC is fading, according to Glassnode co-founders Jan & Yann, who tweeted Bitcoin’s illiquid supply has been on the rise for the past 214 days and is surpassing the 2020 accumulation. 

Read Next: $100 Invested In Bitcoin During The 2021 Miami Conference Is Worth This Much Now





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