LIVE🛑👉Exploring Recent Trends in Ethereum and Bitcoin.
Follow me if you like post
Ethereum: Should Owners Wait Before Selling ETH for Profit?
• The percentage of ETH held in profit is currently at its highest level in the last two years.
• Glassnode data reveals that the circulating supply's profit percentage has surged to its highest since 2021.
• The increase is attributed to the recent price surge following the SEC's approval of the Bitcoin ETF.
• Short-term investors may be inclined secure gains by selling ETH, potentially leading to temporary price drops.
• Long-term holders, seeking more profits, might hold onto their ETH, reducing circulating supply and potentially contributing to long-term price appreciation.
• Weekly charts indicate a bullish trend, with key indicators suggesting strong momentum.
Bitcoin: Unraveling Ordinals, Fees, and Hash Rates
• Bitcoin has become the top network for NFT volume in Q4 2023, surpassing $1.27 billion in sales.
• Despite a decline in daily inscriptions, Bitcoin continues to dominate NFT sales, with over $861 million in the last 30 days.
• The drop in daily inscriptions has led to a reduction in daily inscription fees.
• Recent data from Into The Block show a significant 50% drop in Bitcoin network fees due to the decline in inscriptions.
fees due to the decline in inscriptions.
The Bitcoin hash rate has reached a new record, indicating strong miner participation and correlating with increased miner revenue.
• Miner revenue surpassed $55 million when the hash rate hit an all-time high.
■ Market Dynamics and Future Considerations
• Ethereum and Bitcoin show contrasting trends, with ETH holders contemplating profit-taking while Bitcoin maintains its NFT dominance.
• Investors should consider the impact of short-term vs. long-term strategies on market dynamics.
• Ongoing market shifts emphasize the importance of staying informed and adaptable in the ever-evolving crypto landscape.
LIVE