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Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Bitcoin, Ethereum, Dogecoin Muted: Are Traders Afraid Of Future Pain As Analyst Says ‘Bulls Have Had Their Fun?’

Bitcoin was in the green on Sunday evening, even as the global cryptocurrency market cap fell 0.3% to $1.1 trillion at 8:20 p.m. EDT.

Price performance of major coins
Coin 24 hours 7 day Price
Bitcoin BTC/USD 0.75% 9.1% $21,800.95
Ethereum ETH/USD -0.7% 11.4% $1,761.84
Dogecoin DOGE/USD -1.8% 0.7% $0.06
Top 24-Hour Gainers (Data via CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
Celsius (CELL) +14.8% $1.60
ApeCoin (MONKEY) +10.65% $5.61
Pancake Swap (CAKE) +4.2% $4.53

Also see: How do I get free NFTs

Why it matters: Bitcoin and Ethereum traded mixed even as stock futures rose marginally. The S&P 500 and Nasdaq futures were up 0.1% and 0.2% respectively at the time of writing.

Over the weekend, Bitcoin soared above the $20,000 psychological mark and peaked at $21,760.28, while Ethereum peaked at $1,784.50.

“Bitcoin welcomes the return of risk appetite and a declining US dollar. The broad market rally has rejuvenated cryptos and that could continue if investors look beyond the aggressive central bank overtures and lingering recession risks,” he says. Edward Moyaa senior market analyst at OANDA.

Michael van de Poppe said markets are not looking for “downward continuation” and that there is even “strength on the upside” as altcoins begin to form better.

The cryptocurrency trader said on Twitter, “It could be a fun fourth quarter of this year.”

Justin Bennett took a more cautious tone, tweeting: “Bulls had their fun, but the whole” [crypto] market is 5% below a huge resistance area.”

“Probably one more push up for the next leg down.” The trader reminded followers that US inflation data is expected Tuesday and Wednesday and that they “expect volatility.”

Also expected this week is “The Merge” – Ethereum’s move from a proof-of-work mechanism to a proof-of-stake model, scheduled for Thursday.

CoinMarketCap said in a recent note written with glass node that more than 11.2% of the circulating supply of ETH now participates in the PoS consensus.

Ethereum issuance and EIP 1559 burn rates – Courtesy of Glassnode

“Given the supply chain demand, and thus gas prices are very soft at the moment, this highlights that with a meaningful increase in gas price pressures, ETH can reasonably be expected to become a net deflationary supply.”

Read next: After Forecasting Bitcoin At $100,000, Crypto Analyst Anthony Pompliano Now Says: ‘Price Predictions Are A Foolish Game’


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