Research: Ethereum is recovering its dominance over stablecoins
Ethereum's price recovery led it to recover its dominance over stablecoins, with its market cap now standing at just over $243 billion.
Read crypto research, data-driven reports, on-chain studies, and analytical deep dives into Bitcoin, Ethereum, and Web3 trends.
While Bitcoin's SOPR has been retesting its resistance, Ethereum has been retesting its support, showing the two could be moving in opposite directions.
While macro uncertainty has pushed whales to sell off their coins and de-risk, it had little effect on small time holders who continued to accumulate.
Ethereum’s current rally could be attributed to speculation as traders race to post profits ahead of the upcoming Merge.
Several on-chain indicators show that Bitcoin could be nearing the end of its capitulation period.
Hash ribbons, miner balances, mining difficulty, and the Puell Multiple all show that Bitcoin reached its bottom and could be recovering.
Employment data showed better than expected results putting pressure on the Fed to act. Bitcoin and stocks dipped following the news.