First Mover Americas: Ether's Breaking Out on Bullish Supply-Demand Picture

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Latest Prices

CoinDesk Market Index (CMI): 1,041.51 +1.17%

Bitcoin (BTC): 20,733 +0.0%

Ether (ETH): $1,624 +1.49%

S&P 500 Futures: 3,893 -0.23%

FTSE 100: 7,056.62 +0.13%

US 10 Year Treasury Yield: 4.045% +0.028

CMI, BTC, ETH prices mark the 24hr change; S&P and FTSE are since Friday close

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Top Stories

Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. It appears that the Ethereum blockchain’s recent technological overhaul (aka the “Merge”) is beginning to have a bullish effect on the token price. ETH rose over 16% in the seven days up to Sunday, topping bitcoin’s (BTC) 5% rise.

Furious dogecoin trading over the weekend saw the shiba inu-themed coin reach a market capitalization of over $10 billion, almost doubling its value over what it was a week ago and making it one of the most liquidated coins among futures that track major cryptocurrencies. Dogecoin futures racked up over $89 million in liquidations since Friday, the same day Elon Musk – the self-proclaimed “dogefather” – confirmed his purchase of social network Twitter (TWTR).

Hong Kong is warming up to digital assets, according to a statement the city’s Legislative Council released to kick off FinTech week. The government is “open to the possibility” of virtual-asset exchange traded funds as well as tokenized securities, the statement says, pledging to protect investors with the right regulatory framework. The government says it’s ready to engage with virtual-asset service providers and invite them to the city.

Chart of the Day

  • The above chart shows ether’s daily price action going back to September 2021.
  • Ether has recently outperformed bitcoin on the back of positive changes in demand-supply dynamics and now looks set to rise past a descending trendline, characterizing the 12-month bear market.
  • A breakout may bring more chart-based traders to the market.

Omkar Godbole

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This story originally appeared on Coindesk

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