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.
|coin||24 hours||7 days||Price|
|cryptocurrency||24-hour % change (+/-)||Price|
|Ethereum name service (ENS)||+9.3%||$17.46|
|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.
#Bitcoin is in a long zone here after a correction.
Definitely interested. pic.twitter.com/gbUHJxlOpq
— Michaël van de Poppe (@CryptoMichNL) October 5, 2022
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.
$ TOTAL recaptured the June trend line yesterday. Bullish recall as of now.
— Justin Bennett (@JustinBennettFX) October 5, 2022
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.
The average price of Whale deposits/withdrawals since January 2017 is currently around $15.8K.
Live Chart: https://t.co/FtWE8M9mL6 pic.twitter.com/voS2yOUFWp
— Glass Node (@glassnode) October 5, 2022
On the Ethereum side, the amount of newly created addresses is again around 70,000 per day, according to Santiment. The market intelligence platform tweeted that this was the “highest sighting” since early August.
“After some uncertainty in mid-September [merge]$ETH supply on exchanges has dropped to 14.6%,” Santiment said, noting the normalization of supply.
#EtherThe number of newly created addresses is back at around 70,000 per day, the highest since early August. And that after some uncertainty in mid-September #mergethe delivery of $ETH on the stock exchanges has fallen to 14.6%. https://t.co/4J78x4YKdb pic.twitter.com/sWK3gVAV2d
— Santiment (@santimentfeed) October 5, 2022
Continue reading: Ethereum Towers NFT Apartments announces live mining