The Bitcoin and cryptocurrency markets as a whole suffered a small loss on April 29 as the market approached the expiration of $ 4.2 billion options (BTC).
Data from Cointelegraph Markets and TradingView show that Bitcoin has fallen more than 6% near the support level of $ 53,000, since Ethereum (ETH) continued to trade above $ 2700, since hitting a record high of $ 56,400 on April 28.
4-hour BTC / USDT chart. Source: TradingView
Despite weak market activity, signs of dominant cryptocurrency integration continue to appear almost every day. Earlier today, Coinbase announced that users can now purchase up to $ 25,000 in crypto per day with their PayPal account.
And it’s not just financial institutions that are integrating blockchain technology to meet financial goals. The Ethiopian government has announced a partnership with Input Output Hong Kong (IOHK), Cardano’s R&D department (ADA). The goal of our new partnership is blockchain technology to reform the education system.
ETH / BTC is starting to rise
While Bitcoin is still struggling below the $ 55,000 resistance level, the ETH / BTC pair has begun to rally, as predicted by many analysts, including Real Vision CEO Raul Pal. Bullish moves in the ETH / BTC pair have also revived talks about ether price volatility, mainly for bitcoin.
Figure 4 hours ETH / BTC. Source: TradingView
Ether has grown stronger against Bitcoin since the end of March with an upcoming update that includes EIP 1559, which is “seen as a powerful catalyst for the recent revolution in ETH,” according to Elie Le Rest, digital asset management partner ExoAlpha.
This increased momentum is an indication to Le Rest that the market can “buy the rumors by selling the news system that could push the price up until EIP 1559 is released in July this year.”
Le Rest sa:
Overall, this Ethereum update is close to ETH 2.0, with features such as going from Proof of Action to proof of ownership chain, including a combustion tax mechanism. These upcoming features are a major boost for investors, and contribute to a significant recovery in ETH over BTC. But it is too early to bring this unstable topic to the table. ”
Some altcoins win
The fall in bitcoin prices took its toll on the broader cryptocurrency market on Thursday, with most cryptocurrencies taking small losses.
Daily cryptocurrency market indicators. Source: Coin360
Some notable exceptions to the downturn include Syscoin (SYS), which at one point rose 45% to $ 0.50, and Venus’s Binance Smart Chain-based lending platform, whose XVS token is up 30% to $ 97.90. United States, less than US $ 1. … high.
Waves (WAVES), a multifunctional blockchain platform, also increased by 20%, pushing the token to a new full-time high of $ 23.43.
The total market value of cryptocurrency is now $ 2.035 trillion, and the Bitcoin dominance is 48.8%.