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Wednesday, March 29, 2023

Ether Hits New All-Time High, Bitcoin Unable To Exceed $49K

Even though the price actions of the top cryptocurrencies have been a little choppy, the news since the last few days revealed an astounding bullish trend for both Ether and Bitcoin.

The prices of BTC have been struggling to reclaim their $49,000 mark since 12th February, Friday, and continue to move back and forth between the ranges of $48,000 to 46,000 at the beginning of this weekend. As BTC remains undecided over the price movement, Ether has successfully managed to reach another record high by exceeding $1,850.

Ether Is The Best Performing Cryptocurrency

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Much of the fluctuating BTC price action might be due to the deleveraging futures while the eager bulls are gathering into a long trade with the expectation of a quick break out to a level of $50,000 and above.

The funding rates of the continuous BTC futures are gradually increasing in the month of February as some of the funding rates are about to touch the record levels of the last 12 months. The good positive rates of funding indicate a growth in the long placements. On the other hand, the negative rates signal a bearish sentiment.

Ether is the 2nd largest cryptocurrency according to the market capitalization and it traded at $1,850 on Friday, indicating a 3 % spike within 24 hours.

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After Ether hits another new all-time high by surpassing $1,850, several other DeFi cryptocurrencies are following the path of ETH and some are even outperforming ETH.

The decentralized finance sector in total has rallied more than 5% within the last 24 hours.

As CME futures are about to launch, ETH is rallying more than 12% with the product getting under $200 million valued contracts this week.

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