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BTCUSD Bitcoin

98,755.82

241.97 (0.25%)

12:18:39 - Realtime Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,953,133,003,888	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	241.97	0.25%	98,755.82	98,751.54	98,755.73

High Price	Low Price	Open Price	Prev. Close	52 Week Range
99,543.00	97,950.00	98,387.15	98,513.61	35,773.27 - 99,073.53

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:18:39	0.000169	98,755.01	USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,039,289,737.20	10,519.89	BTC	BTCEUR	BTCGBP	ETHBTC

Ethereum Sees Neutral Netflow On Binance: What Does This Signal?

21/11/2024 11:00pm

NEWSBTC

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently experiencing a phase of neutrality in its market activity. According to a CryptoQuant analyst known as Darkfost, Ethereum’s netflow on Binance has reached a balanced state, with deposits and withdrawals stabilizing. So, what does this mean for ETH? Related Reading: Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise A Signal To Buy Or Sell? According to the analysis shared by Darkfost, this current behavior seen in Ethereum’s netflow on Binance might indicate an “accumulation phase,” where investors refrain from significant transactions as they await a “catalyst” to guide their next moves. The CryptoQuant analyst wrote: Ethereum’s netflow on Binance has recently turned neutral, indicating a balance between deposits and withdrawals. It could indicates that there is currently no significant buying or selling pressure. This may suggest that ETH is in an accumulation phase, with investors holding their positions and awaiting a catalyst to either buy or sell. Furthermore, Darkfost pointed out that Ethereum’s Open Interest—a measure of the total number of outstanding derivative contracts—has steadily risen. According to the data cited by the analyst, this ETH metric is approaching an all-time high on Binance, potentially signaling increased market activity. Darkfost hinted that this could be the calm before a significant market shift. The analyst concluded by noting: As Open Interest continues to rise and approaches an all-time high on Binance, we can wonder if this is the calm before the storm ? Is Ethereum Gearing For A Major Rally After several weeks of lagging and failing to keep up the bullish pace with Bitcoin, the Ethereum price performance in the past day now signals that the asset may just be ready to fulfill the anticipated major rally many investors and enthusiasts may have been expecting. Over the past 24 hours, Ethereum has surged by 5%, with a trading price of $3,276 at the time of writing. This price increase has also unsurprisingly spiked the market cap of the second-largest crypto asset. Ethereum’s market cap valuation currently sits at $394 billion, a roughly $26 billion boost from the $368 billion valuation seen in the early hours of today. Related Reading: Leveraged Bets On Ethereum Soar: What This Means For Traders and Investors While the exact reason for Ethereum’s current bullish momentum remains uncertain, aside from the broader market’s ongoing bull run, analysts suggest that the long-anticipated alt season may be on the horizon. #Altcoins I think most people aren’t mentally prepared for what the next few months will bring for Altcoins. 2017 once again?👀 pic.twitter.com/98n73bK5Mo — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 20, 2024 Featured image created with DALL-E, Chart from TradingView

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