Cryptocurrency Market Shifts: Ethereum Outshines Bitcoin Due to Significant Sell-Off
In the world of digital currencies, the past week has been a rollercoaster ride for many investors. Here's a roundup of some key developments that have shaped the cryptocurrency market.
Bitcoin (BTC) took a significant hit on Sunday, with an early-holder selling a staggering 24,000 BTC worth approximately $2.7 billion. This flash-crash sent BTC prices tumbling, but the current support for the cryptocurrency seems to be holding steady between $111,000 and $109,000. Resistance, however, remains strong at $115,000 to $116,800.
Meanwhile, Ethereum (ETH) has been seeing continued institutional inflows. The latest addition comes from BitMine, which purchased $45 million worth of ETH, bringing their total holdings to a whopping $7 billion. This move marks a significant increase in their Ethereum holdings over the past week.
The influx of institutional interest in Ethereum is not limited to BitMine. ETH ETFs have also seen a surge in investments, albeit with a weekly outflow of $238 million. On the other hand, Bitcoin ETFs have experienced a six-day outflow streak totaling $1.2 billion.
The surge in altcoin futures Open Interest (OI) has raised some concerns about market fragility. On one day alone, altcoin futures OI surged to a record $61.7 billion, with a significant increase in leverage. This piling up of leverage could potentially lead to increased volatility in the market.
Interestingly, the ETH/BTC cross recently broke 0.04, indicating a shift in the rotation narrative. This could suggest that investors are favouring Ethereum over Bitcoin in the current market climate.
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As always, it's crucial to remember that the cryptocurrency market is highly volatile and investments should be made with caution. Always do your own research and consult with a financial advisor before making any investment decisions.
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