Crypto 24 / 7 News

Oluwapelumi Adejumo · 2 hours ago · 3 min read The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.3 min read Updated: April 28, 2023 at 12:42 pm Cover art/illustration via CryptoSlate In the last 24 hours, the cryptocurrency market cap saw net inflows of $10 billion and currently stands at $1.21 trillion — up 0.78% from $1.20 trillion.Bitcoin and Ethereum’s market cap rose 0.92% and 1.08% to $567.06 billion and $230.13 billion during the reporting period, respectively.The top 10 cryptocurrencies recorded gains during the reporting period except for BNB and Polkadot, which posted losses.The biggest gainers were Solana and XRP, which gained more than 2%, respectively.The market cap of Tether (USDT) slightly grew to $81.64 billion.In contrast, Binance USD (BUSD) and USD Coin (USDC) fell to $6.28 billion and $30.52 billion, respectively.

Bitcoin In the last 24 hours, Bitcoin increased 0.94% to trade at $29,267 as of 07:00 ET.

Its market dominance remained flat at 47%.During the reporting period, BTC consolidated above $29,000 after the previous price wild swings.

The flagship digital asset peaked at $29,871 before retracing to its current levels.Ethereum Over the last 24 hours, Ethereum is up 1.36% to trade at $1,910 as of 07:00 ET.

Its market dominance rose to 19.1% from 19.0%.ETH inched closer to the $2000 mark during the reporting period.The total number of staked ETH deposits have flipped withdrawals post-Shapella upgrade.Top 5 Gainers Internet Computer ICP is the day’s biggest gainer, growing 11.58% over the last 24 hours to $6.03621 as of press time.

Blockchain analytical firm Santiment ranked it as one of the projects with high development activity rates in the previous 30 days.Its market cap stood at $2.63 billion.Blur BLUR gained 10.86% to trade at $0.70153 at the time of writing.Despite the falling numbers across the sector, the NFT marketplace remains a dominant player in the space.Its market cap stood at $316.55 million.

Render Token RNDR grew 10.74% over the last 24 hours to $2.51257 as of press time.CryptoSlate reported that the token has increased by more than 40% in the previous two days after its community approved the network’s Solana (SOL) expansion plans.Its market cap stood at $914.35 million.

Nervos Network CKB rose 9.83% to $0.00416 over the last 24 hours.The token has decreased by over 18% in the previous 30 days.Its market cap stood at $168.42 million.tomiNET TOMI is back among the top gainers after rising 6.82% to $3.18862 as of press time.Its market cap stood at $126.4 million.Top 5 Losers RSK Infrastructure Framework RIF is the day’s biggest loser, falling 6.98% to trade at $0.13090 at the time of writing.The privacy token is up 13% in the last seven days.Its market cap stood at $125.67 million.

Hex HEX is on the top loser’s list for the second consecutive day.It declined 5.95% to $0.05369 over the reporting period.Its market cap stood at $9.31 billion.Wrapped BNB WBNB plunged 3.27% to trade at $320.820 as of press time.

Its market cap stood at $796.35 million.BNB BNB dropped 3.02% to trade at $320.843.The Binance-backed coin is down 20% over the past year.Its market cap stood at $50.01 billion.MultiversX SXP appears to have shed some of its gains of April 27.The token fell 2.46% to $44.2375 over the reporting period.

Its market cap stood at $1.12 billion.Leave a Reply [Cancel reply](/bitcoin/cryptoslate-wmarket-update-bitcoin-consolidates-at-29k-as-ethereum-inches-closer-to-2k/#respond) Leave a Reply What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect via Access Protocol Access Protocol is a web3 monetization paywall.When users stake ACS, they can access paywalled content.Learn more › Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation.CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens.It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate.

For more information, visit our terms page.Bitcoin price started a fresh increase above the $29,000 resistance.BTC could rally if there is a clear move above the $30,000 resistance.- Bitcoin is moving higher above the $28,800 and $29,000 resistance levels.- The price is trading above $28,800 and the 100 hourly Simple moving average.

– There is a major contracting triangle forming with support near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).- The pair could continue to rise if it clears the $29,800 and $30,000 resistance levels.

Bitcoin Price Extends Its Increase Bitcoin price remained strong above the $28,000 support zone.BTC bulls were active and were able to pump the price above the $28,500 resistance zone.There was a steady increase above the $28,800 and $29,000 resistance levels.The price traded close to the $30,000 resistance zone.A high is formed near $29,882 and the price is now consolidating gains.Bitcoin is trading above $28,800 and the 100 hourly Simple moving average.There is also a major contracting triangle forming with support near $29,250 on the hourly chart of the BTC/USD pair.

The triangle support is close to the 23.6% Fib retracement level of the upward move from the $27,258 swing low to the $29,882 high.Source: BTCUSD on TradingView.com Immediate resistance is near the $29,800 level and the triangle trend line.The next major resistance sits near the $30,000 zone.

A close above the $30,000 resistance could send Bitcoin toward $30,500.Any more gains could open the doors for a test of the key barrier at $31,200.Fresh Decline in BTC? If Bitcoin’s price fails to clear the $29,800 resistance, it could again start a fresh decline.Immediate support on the downside is near the $29,250 level and the triangle region.

A downside break below the triangle might send the price toward the 50% Fib retracement level of the upward move from the $27,258 swing low to the $29,882 high.The next major support is near the $28,250 zone or the 100 hourly Simple moving average.Any more losses might take Bitcoin toward $27,800 in the near term.Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.Major Support Levels – $29,250, followed by $28,550.Major Resistance Levels – $29,800, $30,000, and $30,500.

Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist.He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer.He also founded an IT company and works rigorously in providing high-quality software services.

Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets.Follow him on Twitter @AayushJs.On-chain data shows the Bitcoin HODLers are currently displaying net accumulation behavior, as they grow their holdings by 15,000 BTC per month.Bitcoin Long-Term Holders Have Been Accumulating Recently According to data from the on-chain analytics firm Glassnode, these investors were previously aggressively distributing during the bear market lows.The HODLers, or more formally, the “long-term holders” (LTHs), make up a Bitcoin cohort that includes all investors that have been holding onto their coins since at least 155 days ago.

The LTHs make up one of the two main holder groups in the market; the other cohort is called the “short-term holder” (STH) group and naturally includes only investors that bought their BTC less than 155 days ago.Statistically speaking, the longer a holder owns a coin, the less likely they become to sell it at any point.This means that the LTHs are the more resolute bunch of the two groups, which is why they are called the “HODLers” or the diamond hands of the market.

As these investors are an important part of the sector, their movements can be worth tracking.An indicator called the “HODLer net position change” measures the monthly rate at which these investors are buying or selling a net amount of Bitcoin right now.

The chart below shows the trend in this metric over the last few years: The value of the metric seems to have been green in recent months | Source: Glassnode on Twitter When the HODLer net position change has a positive value, it means these investors are receiving inflows into their holdings currently.On the other hand, negative values suggest a net number of coins are exiting the supply of the LTHs.

As displayed in the graph, the Bitcoin HODLer net position change had a deep red value during the bear market lows that followed the November 2022 FTX crash.This means that the LTHs had been selling during this period.This sharp negative spike has been an exception to the long-term trend, however, as the HODLers have actually been showing an overall strong accumulation behavior over the past couple of years.The last time these investors participated in consistent distribution was during the bull rally in the first half of 2021.From the chart, it’s visible that after the aforementioned brief period of distribution at the bear market lows, the LTHs switched back to accumulation just before the current rally began.These diamond hands have continued to add to their holdings throughout the rally so far, showing that they haven’t been allured by the profit-taking opportunity.

This can be a bullish sign for the long-term sustainability of the rally.Though, very recently, the monthly amount that they have been adding to their holdings has been trending down.Nonetheless, the indicator’s value still remains positive, as the Bitcoin LTHs are accumulating at a rate of 15,000 BTC per month currently.BTC Price At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week.BTC has seen some heavy fluctuations during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com Top posts Bitcoin Blockchain2 hours ago Bitcoin Blockchain Surpasses 2 Million Ordinal Inscriptions Milestone In Just Over 4 Months As of April 28, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain has exceeded 2 million, according to…Exchanges3 hours ago Dave Ripley takes over as Kraken CEO, set on next phase of growth and expansion What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.

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