Bitcoin approached a high of nearly $43,500 yesterday, retesting the high point of the past ten days. However, it subsequently fell again and briefly dropped below $42,000. Ethereum experienced a more significant decline and has yet to regain the $2,200 mark.
In related news, JPMorgan is optimistic about Ethereum, predicting that its performance in 2024 will surpass that of Bitcoin, as the bullish sentiment toward BTC has diminished.
According to Wall Street giant VanEck, Bitcoin is expected to reach a new all-time high within a year, and all BTC spot ETF applications will be approved simultaneously.
NVT indicators suggest that the current valuation of BTC may be too high. NVT indicators are based on the ratio of market capitalization to transaction volume. A high NVT ratio indicates that investors are positioning themselves at a premium Bitcoin price, while a low ratio indicates the opposite.
Ethereum’s price movement has mirrored that of Bitcoin but with more pronounced declines. It reached a low of around $2,135 earlier today and rebounded to $2,180 at the time of writing, representing a 2.33% decline in the past 24 hours.
CoinMarketCap data shows that, apart from BNB, most of the top ten cryptocurrencies experienced synchronous declines along with Bitcoin. ADA suffered the most significant drop, declining by 4.46% in the past 24 hours.
According to Coinglass data, the total amount of liquidations in the cryptocurrency market exceeded $130 million in the past 24 hours, a decrease from the previous day. However, over 50,000 investors were still liquidated. BTC ranked first with $38.91 million in liquidations, followed by ETH with $31.62 million.
Related news:
SEC Chairman Gary Gensler “responds for the first time” on the progress of the Bitcoin spot ETF review! Market expects a surge.
Solana’s mobile adoption increased tenfold! BONK airdrop surpasses Saga’s value.
$BONK surges over 50% in 24 hours on Coinbase! Becomes the third-largest meme coin by market capitalization.
Tags:
BTC
ETH
Ethereum
Bitcoin