Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) – Ethereum Rises as Bitcoin, Dogecoin Merge Nears: Analysts Say This Data Could Trigger Crypto “Summer Lows” warn that there is

Bitcoin flat, meanwhile ethereum Global cryptocurrency market capitalization rose 0.3% to $983.9 billion on Thursday night.

Price performance of major coins
coin 24hours 7 days price
Bitcoin Bitcoin/USD -0.1% -6.5% $20,086.08
ethereum Ethereum/USD 1.2% -6.1% $1,579.66
dogecoin Doge/US Dollar 1.1% -9.2% $0.06

24 hour top gainers (data via CoinMarketCap)
Cryptocurrency 24 hour rate of change (+/-) price
Terra Classic USD (USTC) +21.8% $0.04
Ios (ios) +9.9% $1.52
balancer (bar) +9.7% $7.81

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Important reasons: The second largest coin has been floating around in the buzz surrounding the move to a proof-of-stake mechanism. Apex Coin didn’t make any significant moves.

Michael van de Poppe Ethereum, he said, “has the whole market.” A cryptocurrency trader tweeted, “If the normal market is rebounding slightly, it will probably accelerate pretty quickly in the crypto upside.”

Equity futures were flat at press time as investors, among other risk assets, waited for the August US jobs report to be released on Friday.

“Bitcoin’s true touchstone will be whether it can sustain near $20,000 post-NFP.” [Non-Farm Payroll] release. Reports of a hot labor market and bets on a Fed rate hike could surge, which could cause downward pressure to target summer lows. Edward MoyaSenior Market Analyst at OANDA.

Justin Bennett Sharing two charts on Twitter, he said either the Dollar Index or the S&P 500 were “wrong,” adding that “Friday’s reaction to the NFP should give the answer.”

On the Ethereum side, derivatives dominate prior to the “merge”. Kaiko Research Pointing to the share of perpetual futures trading volume between BTC and ETH, the latter accounted for 45% of trading volume at the beginning of August and 57% at the end of the month.

BTC/ETH Daily Perpetual Futures Volume — Courtesy Kaiko Research

In a memo seen by Benzinga, the cryptocurrency market data provider also pointed to open interest. It is a measure of the number of futures positions open at any given time and the amount of capital invested in futures.

Kaiko noted that Ethereum-denominated open interest “represents a staggering all-time high in the number of futures positions open at this time, and will act as a significant leveraged force on Ethereum price action over the next few weeks.” said to show.

ETH Denominated ETH Open Interest — Courtesy of Kaiko Research

The data provider said funding rates dropped sharply towards the end of August. We conclude that the portion is short-biased,” said Kaiko.

ETH’s daily trading volume has grown from $19 billion to over $33 billion last year. Over a similar period, daily spot volume he increased from $3.7 billion to $4.8 billion.

ETH Perpetual Futures and Spot Volume — Courtesy Kaiko Research

Converting these volumes into ratios, Kaiko says, “ETH’s perpetual futures volume dominance is increasing as the ratio of perpetual to spot volume increased from 5x to about 7x volume.” said.

ETH Perpetual Futures to Spot Volume Ratio — Courtesy Kaiko Research

“Derivatives markets are currently having a very significant impact on price action as perpetual futures trading volume dominates over cash markets,” Kaiko Research concluded.

“Merge is one of the only non-macro-driven events in crypto these days, and it will be interesting to see if it provokes a breakout to lower correlations with equity markets, for better or worse.”

Read the following: Largest Ethereum Mining Pool Launches New ETH Staking Before Merger

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