[시황] Sell ​​Bitcoin and buy Ether

On the 28th, bitcoin trading volume was still low. There was a high proportion of transactions that made a profit by selling bitcoin and buying ether.

• As of 6 o’clock this morning, bitcoins traded at about $26822 each. This is a 2.3% increase over 24 hours.
• In the last 24 hours, Bitcoin has been priced between $25,769 and $27,447.
• In the hourly price chart, the bitcoin price is very close to the 10-hour and 50-hour moving averages. It is interpreted as a signal that requires market analysis.

As a result of CoinDesk 20’s aggregation, on the 28th, the bitcoin price was generally stagnant, going between $27,000 and $27,200. This price stagnation has been continuing since the bitcoin price hit an all-time high on the 27th, surpassing $28352 each on the 27th due to the rising trend triggered on the 25th.

Over-the-counter investor Alessandro Andreotti said, “It’s only a temporary stagnation after the highs hit a break,” and “the bitcoin market is still rising.”

Bitcoin trading volume has been on the downtrend ever since surpassing $4 billion on major cryptocurrency exchanges on the 27th. This trend continues on the 28th, and as of 6 am on the 29th, the spot trading volume of Bitcoin is about 1.8 billion dollars.

David Lifecheese, chief investment officer at trading company ExoAlpha, said, “The current slight downtrend is a natural trend, given the uptrend of yesterday, especially in the last few days.”

Jason Lau, chief operating officer of the US cryptocurrency exchange OKCoin, said, “During the last Christmas holiday, more individual investors are moving to Bitcoin, which continues a strong uptrend.”

“The current stagnation in spot trading will not continue until next year. With President Donald Trump signing the Corona 19 stimulus package, Bitcoin’s appeal as a store of value will continue next year.”

The size of futures liquidation in the derivatives market is also interpreted as having an effect on the recent price increase of Bitcoin. Liquidation in the futures market is the same concept as a margin call in traditional financial markets. In fact, on the Bitmax Exchange, a whopping $116 million worth of futures has been liquidated in the last three days. Buy and liquidation recorded $65 million, mainly short selling.

Trading company QCP Capital said, “It is true that there is a shortage of sellers because all short sales with borrowings are liquidated at this stage,” but “Bitcoin’s rise is still certain.”

“As institutional investors buy more bitcoin, the price rises, which naturally leads to an increase in the purchase of individual investors. This trend will expand to all cryptocurrency areas starting with Bitcoin.”

Other analysts also agreed with QCP’s view that the rising price of Bitcoin would lead to other cryptocurrencies. In fact, interest in Ethereum has increased rapidly in recent years.

“The altcoin market is opening up due to the falling price of bitcoin,” said Misha Allepperenko, founder of VelvetFormula. On the 19th, the Ethereum futures market has reached an all-time high with an outstanding amount of $2.2 billion, and has been booming.

“The news that the Chicago Commercial Exchange (CME) will enter the Ethereum futures market represents the continued interest of institutional investors in cryptocurrency,” said Lau, Chief Operating Officer of OKCoin.

“Ether has been on a continuous uptrend with Bitcoin since it hit its highest price in May 2018. When the Chicago Mercantile Exchange enters the futures market in February next year, Ether will attract more institutional investors.”

Sell ​​Bitcoin and buy Ether

Ether (ETH), the second largest of all cryptocurrencies, was traded for $732 each at 6 am. That’s an 8% increase in 24 hours.

Ether (ETH) and Bitcoin (BTC) transactions, which are common in most cryptocurrency exchanges, continued to decline and then suddenly increased on the 28th. This trading pair represents the degree of Ether price versus Bitcoin price. The increase in these trading pairs on the chart over time, including the surge in trading volume on Coinbase, is interpreted as a signal that investors are selling bitcoin and buying ether.

Vishal Shah, founder and options trader of the derivatives exchange Alpha5, said, “The increase in these trading pairs is due to investors seeking arbitrage between Bitcoin and Ether.”

“Active cryptocurrency investors will be looking to benefit more from the current bull market. Therefore, the trading pair will continue to grow. Since all of these situations were triggered by Bitcoin, the current phenomenon cannot be viewed as simply changing the investment destination to Ether.”

Other market trends

Most of the cryptocurrencies included in CoinDesk 20 made profits. The main assets that made profits as of 6 am are:

• 9% increase in Cosmos (ATOM) tokens
• 8.5% increase in Cardano (ADA) tokens
• Bitcoin Cash (BCH) 7% increase

Key assets that did not make a profit

• 1.9% decline in xrp (XRP) tokens

Stock market

• Japan’s Nikkei 225 Index rose 0.74%-Investment optimism dominated by passing US stimulus measures and administering the Corona 19 vaccine
• UK FTSE100 index up 0.10%-European Union and UK Brexit trade agreement expected to be approved
• US S&P500 Index rose 0.80%-President Trump signs $900 billion COVID-19 stimulus package to recover investor sentiment

Commodity market

• 1.3% to $47.66 per barrel of West Texas heavy oil
• Gold price rises slightly by 0.33% to $1872 per ounce

Government bonds

• The 10-year Treasury bond yield fell to 0.928%, recording a deficit of 0.18%.

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