Bitcoin, Ethereum Edge Higher, Dogecoin Slips: Analyst Says Apex Coin Fundamentals ‘Still Support Healthy Consolidation’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Major coins were trading slightly higher on Wednesday night, even as the global cryptocurrency market cap fell 0.6% to $963.8 billion as of 8:27 p.m. EDT.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD 0.2% 4% $20,250.79
ether ETH/USD 0.4% 1.85% $1,363.45
Dogecoins DOGE/USD -0.6% 7.4% $0.065

Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
Ethereum name service (ENS) +9.3% $17.46
helium (HNT) +6.4% $5.62
Trust wallet token (TWT) +6.26% $0.975

See also: How to get free crypto

Why it matters: Bitcoin and Ethereum traded slightly in the green Wednesday night as the two-day stock market rally drew to a close. At the time of writing, US stock futures were also seen slightly higher.

The ISM Services PMI, an index measuring the direction of economic trends in the service sectors, fell to 56.7 in September from 56.9 in August, but beat market estimates.

“The economy is too strong for the Fed to turn around. The strong start to October is over after both a private payrolls report and service sector data reminded investors how strong some parts of the economy remain,” he said Edward Moyaa senior market analyst at OANDA.

Speaking on Bitcoin, Moya said: “The strong start to October is over and markets were quickly reminded that the Fed’s pivot calls were once again premature. Traders were quickly reminded that the economy is not falling off a cliff and that the Fed may need to remain aggressive with its rate hike cycle next year.”

“Bitcoin fundamentals are still supporting healthy consolidation here, and should remain so unless we see a double dose of robust hiring on Friday and much hotter-than-expected inflation next week.”

cryptocurrency trader Michael van de Poppe said Bitcoin is “here in a long zone after a correction.” He tweeted, “Definitely interested,” while referencing a chart of the Apex coin.

Referring to a chart of total cryptocurrency market cap, justin bennett, said the June trend line was recaptured on Tuesday. Earlier, the trader tweeted that the total market cap needs to break $923 billion on an end-of-day basis.

Glassnode said an assessment of the volume of bitcoin flowing in and out of exchanges by whales (which hold more than 1,000 BTC) can help them determine their cost basis.

“The average price of Whale deposits/withdrawals since January 2017 is currently around” $15,800, the on-chain analytics firm said.

On the Ethereum side, the amount of newly created addresses is again around 70,000 per day, according to Santiment. The market intelligence platform tweeted that this was the “highest sighting” since early August.

“After some uncertainty in mid-September [merge]$ETH supply on exchanges has dropped to 14.6%,” Santiment said, noting the normalization of supply.

Continue reading: Ethereum Towers NFT Apartments announces live mining

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