The balance of the cryptocurrency Bitcoin is increasing inside major companies. The analysts have termed the sign as bearish. The 2nd largest cryptocurrency, Ether based on market capitalization will be logging its 1st weekly loss in money since March.
The price of Ether and Bitcoin, its larger sibling, stood red as of Saturday. CoinDesk 20 has revealed that the price exchanged by Ether in the last 24 hours stands at $3,779.81. The price is down by 8.48%. Meanwhile, the price of the largest cryptocurrency based on market capitalization also managed to drop by 5.88%. The price stood at below $48,000. This all happened during the last 24 hours. Following the winning streak of Ether which lasted six weeks, the cryptocurrency will be ending the last 7 days on a disappointing note. This data was provided by Kraken and TradingView.
Analysts Interpret The Sign Of Bitcoin Balances As Bearish In Nature
After the value dropped for over a year, the balances of Bitcoin on major companies and exchanges are increasing again. Analysts believe that the sign appears to be bearish for the cryptocurrency market. There is a high possibility of more Bitcoins arriving on the exchanges for selling. Meanwhile, the tokens of layer two scaling projects and Killers of Ethereum appear to be the winners. These tokens have managed to log new highs of all times on Saturday.
The native token price of Polygon Network, MATIC, increased by over 22% during the last 24 hours, according to the data of Messari. The token price recorded a new high of around $1.87 on Saturday. Its total market capitalization increased by over $8.96 bn. Although, last week, Elon Musk himself believed in the successful future of the largest cryptocurrency of this world.