Tuesday saw the price of Bitcoin slow down to a stop in the market, while the prices of ethereum started shooting through the roof. The bitcoin price was fixed in an unmovable range- where it swung between two static prices of $36,200 and $37,200. At around 11 am ET, the Bitcoin price did shoot towards $37,876, but then it quietly fell down to $36,483.
Bitcoin Remained Static But Ethereum Started Gaining Ground
Chris Thomas, the Digital Assets head at Swissquote Bank mentioned that it was quite interesting to see Bitcoin hold its price in a US market which was pretty quiet. But this also implied that for Bitcoin, clients from the USA were extremely important both from an institutional and retail point of view. According to reports, there were a couple of failed attempts to break into the $40,000 range- but that was prevalent even when they tried to go about $20,000 as well. Thomas believes that Bitcoin will probably run through the $40,000 barrier as well.
Interestingly, with prices being much less volatile than they were before, most of the traders have been looking towards taking much more risk. Cindy Leow, a portfolio manager for 256 Capital partners notes that the market will be getting more and more leveraged, which would see the cryptocurrency getting squeezed between a range of $34,000 and a range of $38,000.
On the other hand, the spike from DeFi saw the prices of ethereum getting higher. This also saw the cryptocurrency break into newer grounds on Tuesday- whereas Bitcoin stayed relatively quiet. According to Thomas, Ethereum was looking quite strong- where they were entering a race between $2,000 ETH, and around $50,000 BTC.