A yearlong price rally in the Bitcoin (BTC) market and hopes for more upside moves in the future has prompted traders to hold the token instead of trading it for other assets, Glassnode data shows. The blockchain data analytics service revealed Thursday that the total amount of "hodled or lost coins" reached a nine-month high of over 7.21 million BTC. In simple terms, the Bitcoin metric reflected an increase in out-of-circulation tokens — those that may have been stored in cold wallets by long-term holders or got lost due to human errors, with a minimum chance of recovery. In simple …

Bitcoin (BTC) marking a new high of $67,000 last week has opened the possibility to hit $100,000 by the end of this year. According to PlanB, the creator of the popular stock-to-flow (S2F) model, called Bitcoin's price retracement from the $60,000-level the "2nd leg" of what appeared like a long-term bull market. #bitcoin bull market, 2nd leg has started pic.twitter.com/N9H2QF7SDe — PlanB (@100trillionUSD) October 26, 2021 In doing so, the pseudonymous analyst cited S2F that anticipates Bitcoin to continue its leg higher and reach $100,000-135,000 by the end of this year. The price projection model insists that Bitcoin's value would …

Ethereum’s native token, Ether (ETH), has been declining against its top crypto rival, Bitcoin (BTC), since Sept. 3. Ether dropped in value against Bitcoin by almost 25% after topping out in September at 0.07955 BTC. As the top altcoin declined, it left behind a trail of lower highs and lower lows, thus forming a descending channel. Later, ETH/BTC broke the channel to the upside on Saturday, raising anticipations about a strong extended recovery trend. But a selloff on Sunday and the ongoing session had traders test the channel’s resistance trendline as support. ETH price charts suggest bullish divergence The sentiment …

Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges. According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC. CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency. Demand for …

Ethereum's native token Ether (ETH) has rallied by more than 415% this year to over $3,800, and two major bullish patterns developing on its charts highlight the scope for another upside move, ultimately toward the $6,200–$6,500 price range. ETH price eyes $4K resistance breakout The first decisive break above the psychological $4,000-mark, which serves as a resistance trendline to a five-month-old ascending triangle and a cup and handle pattern, could trigger a textbook price rally in the coming sessions. In detail, the $6,250-level appears as the profit target for the Ascending Triangle pattern, calculated by measuring the widest distance between …

Ethereum’s native asset, Ether (ETH), has extended its rally on Wednesday to log multi-month highs against Bitcoin (BTC) and the United States dollar. The ETH/BTC exchange rate rose 3.13% to hit 0.07475 for the first time since June 9. Meanwhile, bids for ETH/USD climbed 3.4% to $3,546, the highest since May 18, showcasing a renewed upside sentiment in the second-largest cryptocurrency market after it consolidated sideways for more than three weeks. Ether’s price jump appeared despite a wobbling price behavior across the cryptocurrency market. For instance, Bitcoin prices remained stuck around $47,000 while eyeing a clear breakout move above their …

Ether (ETH) perhaps had the most bullish outlook entering the July session, with the Ethereum Improvement Proposal (EIP) 1559 promising to make ETH scarcer through the network’s first-ever burning mechanism. But so far into the month, the second-largest cryptocurrency by market capitalization has vastly tailed its top rival Bitcoin (BTC). The positive correlation was visible on Tuesday, following the New York opening bell when Ether plunged below $2,000 to hit a two-week low in sync with Bitcoin, which slipped below $32,500. As it happened, the ETH/USD exchange rate reached its intraday low of $1,961.10 following a 3.43% drop. The pair’s …

Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist “for a while” with more restrictive digital currencies like China’s digital yuan, Binance CEO Changpeng Zhao said in a Bloomberg interview on Monday. According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) — freedom of use and limited supply — won’t be offered by central bank digital currencies. “At the end of the day, those are core properties that users care about,” he stated. Zhao said that the differences between the two types of digital assets could make central bank-issued currencies unattractive to people in the crypto …

A crypto app has warned that Bitcoin is facing a liquidity crisis — and the lack of supply on the open market could have ramifications for buyers and sellers alike. According to SwissBorg, the amount of Bitcoin held in exchanges’ wallets has decreased markedly in recent months. This has resulted in a number of major trading platforms suffering outages — with some forced to impose temporary limits on buy orders. Whereas many crypto apps rely solely on one exchange, SwissBorg is connected to four leading platforms: Binance, Kraken, HitBTC and LMAX. The company says this means there is a much …

A DeFi protocol says it offers a fresh perspective on supply-elastic tokens, which have exploded in popularity across the decentralized finance sector. Benchmark Protocol’s goal is to create a bridge between traditional finance and the crypto markets — all while adopting and refining a proven rebase algorithm introduced by Ampleforth. The supply of MARK tokens is adjusted by tracking the movements of the CBOE volatility index (VIX) — also known as the “fear index” — in a smart and fast process. Whereas other supply-elastic tokens target a price of $1 by adjusting for U.S. inflation, Benchmark Protocol’s target price is …

Cryptocurrency fund manager Grayscale Investments now holds more than 500,000 BTC in its Bitcoin Trust. According to a Nov. 16 post, Grayscale now holds to $8.35 billion worth of Bitcoin — equating to 2.69% of Bitcoin’s (BTC) outstanding supply and market cap. But with Chainalysis estimating that around 3.7 million BTC have been lost, Grayscale may actually now be in possession of 3.37% of Bitcoin’s remaining circulating supply Appealing to institutional investors who are prepared to pay a premium to buy and hold cryptocurrency through the security of a regulated fund, shares in the Grayscale Bitcoin Trust currently represent $15.62 …

More than half of Ethereum’s circulating supply has not moved in more than a year, with only 39.6% of Ether (ETH) changing hands over the past 12 months. According to Glassnode’s “hodlwaves” chart, which offers a chronological breakdown of the velocity of on-chain transactions, roughly 28% of Ether last moved between the past 12 and 24 months — comprising the largest segment of on-chain activity. The data suggests that many whales spent 2019 accumulating Ether in advance of the project’s ETH 2.0 overhaul — for which phase 0 is expected to commence in the coming months, allowing users to stake …