The price of Bitcoin (BTC) continued to fluctuate in a narrow range over the weekend for two days. After accumulating energy, it once again broke through $27000 this morning (16th), reaching a maximum of $27293, with a rise of 1
The price of Bitcoin (BTC) continued to fluctuate in a narrow range over the weekend for two days. After accumulating energy, it once again broke through $27000 this morning (16th), reaching a maximum of $27293, with a rise of 1.09% in the past 24 hours.
At present, based on the analysis of trading volume heat in the past month, it seems that there is support to stand firm at $26500 in the short term. However, whether it can successfully stand firm and challenge $28000 again still requires continuous observation.
Analyst: Bitcoin highlights its value in economic uncertainty
In this context, Yang Yuwei, Chief Economist of Bitcoin mining company BTCM, stated:
Bitcoin is more humane, stable, and globalized than some local currencies, especially in geopolitical conflicts and sanctions.
In other words, the more turbulent and uncertain the world is, the greater the value displayed by Bitcoin
SeiLabs co founder Jeff Feng also pointed out that Bitcoin performed strongly during the stock market index decline in September and October this year.
He added:
The resilience of Bitcoin, especially when tied with the recent index downturn, provides credibility for the narrative of digital assets becoming potential hedges during turbulent times, similar to gold.
However, Feng also warned that the volatility of Bitcoin often leads to significant price fluctuations in a short period of time, which is often inconsistent with more stable gold.
In addition, regulatory uncertainty in various jurisdictions may also hinder the widespread adoption of Bitcoin, which is a hidden concern for digital assets.
Ethereum is relatively weak
Although the trend of Ethereum is still similar to that of BTC, it appears to be more vulnerable. Currently, the major resistance is $1600. If we fail to successfully stabilize at this level, there is not much support below and we may explore a lower low point.
The current price is $1555, up 0.42% in the past 24 hours.
Ethereum's internet activity is sluggish, and the upgrade to Denchun may only take place next year
Ethereum's on chain activity is also sluggish, as J.P. Morgan analysts pointed out in a report in late September:
Since the upgrade in Shanghai, the amount of Ethereum pledged has increased by 50%, but the increase in online activities is quite disappointing.
Ethereum's daily transaction volume, daily active addresses, and total lock in value (TVL) of the DeFi protocol on the network have all decreased.
On the other hand, core developer Tim Beiko stated in last month's executive meeting that if Denchun cannot be launched on the public testing network before the Ethereum Developer Conference in November 2023, then the upgrade of Denchun's main network is likely to not be possible this year, which may disappoint one of ETH's recent positive news.
The term 'Cancun' is a combination of Cancun and Deneb. In this upgrade, the 'Cancun' upgrade occurs at the Ethereum execution layer and includes all protocol rule changes.
On the other hand, the consensus layer responsible for block verification will independently perform its own forking, and this part of the upgrade is called "Deneb", hence collectively referred to as "Denchun".
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