Bitcoin & Ethereum Trending Upwards – April 2022
The cryptocurrency market had a rough time in recent weeks. Bitcoin and Ethereum were trending downwards, with many investors fearing that the crypto bubble had burst. However, this week has seen a turn in trend. Bitcoin was able to cross the $8,000 mark for the first time since late November, and Ethereum has been on the rise ever since Monday. Bitcoin and Ethereum have been on a steady rise since the beginning of 2018, breaking previous trends and gaining widespread popularity amongst investors.
The increasing prices and high demand is due to the growing interest in cryptocurrencies from buyers of all types. While the Bitcoins price has risen, there has also been a surge in Ethereum transactions. Ethereum saw a massive increase in transactions over $1 billion, and Bitcoin saw more than $1 billion of additional transaction volume over the same period. Representatives from blockchain companies, financial institutions, and large banks have started shifting their focus to Ethereum’s blockchain technology for future use cases.
Key Takeaways on Upward Trend
➼ Bitcoin price is catching up with Ethereum’s price.
➼ The Bitcoin trend is looking positive.
➼ Transaction volume has experienced a large increase, especially with Ethereum’s transactions.
➼ Financial and blockchain institutions have turned towards Ethereum for future use cases.
➼ Bitcoin and Ethereum are both trending up, and there are very good reasons for this. Soon, there could be a breakout on a large scale, but this wouldn’t be common. Don’t panic, and don’t sell your cryptocurrency unless you are an experienced trader.
➼ Ethereum transaction volume is increasing rapidly.
➼ Bitcoin is attempting to reclaim the 50-week moving average
➼ The leverage ratio of BitMEX has fallen dramatically
Comparison of Bitcoin and Ethereum
Ethereum transactions exceeded $1 billion in the last week, a massive increase over the same period last year. It increased transaction volume by 1,398%, from $8.8 million to more than $12 billion. On the other hand, Bitcoin transactions increased by 737%, From $10.6 million to more than $125 billion. There is a massive difference in transaction volume between Bitcoin and Ethereum. Bitcoin has a higher number of transactions and a lower value per transaction than Ethereum.
On the other hand, Ethereum has fewer transactions with a higher value per transaction. Bitcoin is leading the trend of cryptocurrency price and transaction volume. Bitcoin is currently trading at nearly $8,000, while Ethereum is at $775. After analyzing both Bitcoin and Ethereum’s transaction volume, it becomes clear that Ethereum has more transactions than Bitcoin.
Bitcoin Has One Obstacle to Overcome
Bitcoin price has been on the 50-week moving average line for a while now, which means it has been trending in a direction that Bitcoin has had consistently. Therefore, it is reasonable to assume that we are on the cusp of an upward trend. Many analysts believe that Bitcoin will experience a buy-the-dip, followed by an upward trend. It could be due to the market turning bullish before being pushed back down again by Bitcoin’s tendency to bubble upwards too soon.
Bitcoin has added more than 26% over the past month and 90% over the past year. If Bitcoin were to hold above its 200-day moving average line and stay above $8,000 (estimated next breakout), an upward trend might occur. If Bitcoin manages to stay above this range over the coming weeks, we could see an acceleration in price growth.
For Bitcoin’s price to continue higher and break out of the current trading range, it will need sustained price increases over the coming months.
Ethereum is currently a better investment than Bitcoin. Ethereum has been on a strong upward trend since April 2017 and broke its all-time high in January 2018. While Bitcoin has slowly increased over the past year, Ethereum has experienced exponential growth. Since we will use Ethereum’s ETH token in upcoming smart contracts and popular DApps, this trend will continue for some time.
Ethereum has seen a large increase in over $1 billion transactions over the past five days without experiencing much resistance from sellers. Over the coming weeks and months, there will be an increase in smart contracts used on the Ethereum platform, which could unlock more interest from financial institutions, blockchain companies, and other corporations looking for blockchain solutions.
Is Bitcoin and Ethereum Safe to Buy?
Both Bitcoin and Ethereum are safe to buy. Investing in Bitcoin or Ethereum has been a great decision for many traders. Bitcoin has experienced a great deal of growth in the past year, with an estimated increase of 90%. This growth has given Bitcoin the ability to break through its 200-day moving average line and move on to a new uptrend. While Ethereum has increased over 100% in the past year, it reached a higher all-time high than Bitcoin earlier this year. These two cryptocurrencies should be continued as investments as they have proven that they can withstand increases in price that most other cryptocurrencies haven’t been able to experience.
The best way to invest in Bitcoins and Ethereum is by using broker platforms. Brokers allow you to buy and sell cryptocurrencies at a fraction of the price. It is a clear reflection of Bitcoin and Ethereum’s potential growth potential as an investment vehicle. If you are looking to buy or sell Bitcoin, we recommend keeping a small portion of your portfolio with Ethereum. Ethereum is an established cryptocurrency with a growing community and an increasing number of companies using Ethereum’s blockchain technology.
Bitcoin and Ethereum are both trending upwards, and they have both experienced a large amount of growth since the beginning of 2018. The increased trading volume is due to the growing interest from investors in cryptocurrencies. Bitcoin has been able to break through its 200-day moving average line, which means it is poised for an upward trend. Ethereum has also increased over 100% in 2017 (based on the total Ether token) and has increased its price significantly over the past years. Whether or not these two can continue on this trend will be determined by Bitcoin’s ability to sustain price increases over the coming weeks and months.
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