January 24th, 2024 at 8:22 am UTC · 4 min read
/BlockDAG/ – Bitcoin (BTC) is traded for around $40,000, with a surge in large transactions following the approval of exchange-traded funds. The mid of January witnessed three major moves, with BTC traders shifting 42,870 BTC in a single hour, marking the highest hourly movement in the past six months.
Amid this, Ethereum (ETH) shows strong upward momentum, narrowing the gap with BTC. According to Santiment data, ETH’s price dominance against BTC has increased, with various on-chain indicators signaling positive trends for ETH.
On the other hand, BlockDAG Coin (BDAG) emerges as a viable presale investment to shield investors from these terrible volatility storms. Despite the ongoing market turbulence, the BlockDAG presale successfully managed to raise $1 million within 24 hours, igniting a sense of FOMO among investors worldwide.
The approval of the Bitcoin ETF triggered a surge in the volume of transactions on the blockchain. Sentiment, an on-chain data intelligence tracker, reported that three out of the four largest BTC transactions in 2024 occurred mid January. But despite this, the crypto leader could not hold its position as it slumps massively, reaching close to $40K.
Subsequently, Bitcoin failed to surpass the bearish imbalance zone, delineated between $41K and $40K. BTC price remained within the established range below $41K and further decreased to $40,800. BTC must overcome the resistance zone above the $45,600 mark to escape the current range bound price movement.
According to on-chain data from Santiment, Ethereum’s dominance in price over Bitcoin has notably surged, marking a 22.4% increase in the second week of 2024. Over this period, an average of 89.4 thousand new ETH wallet addresses were generated daily, underscoring the increasing popularity of the network. Particularly noteworthy is that January 16 alone created 96.3 thousand wallet addresses.
Alongside this, Sentiments data discloses a notable pattern wherein ETH’s supply on cryptocurrency exchanges is nearing an all-time low of 8.05%. This shift towards self-custody and staking paints a more optimistic picture, contrasting concerns about a heightened supply on exchanges and suggesting a decreased likelihood of a short-term sell-off. These insights collectively illuminate ETH’s present market robustness over BTC and its potential influence on upcoming price dynamics.
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As Bitcoin hovers around $40K and Ethereum braces itself to take on BTC, BlockDAG presale emerges as a standout choice in the cryptocurrency landscape. With its innovative mobile mining apps and commitment to environmental sustainability, BDAG offers a unique blend of accessibility, passive income potential, and eco-conscious practices. Join the BlockDAG community and pre-order BDAG miners to be part of a forward-thinking and socially responsible investment.
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