Despite a recent correction and profit-taking with bitcoin, the top five coins by market capitalization continue showing extremely strong gains. Ether (ETH) has risen over 100% since April 24th and has made new all-time highs (ATH) in market capitalization every day.
Hash rate however has slowed slightly, currently sitting near its ATH.
Based on inflation, Ethereum needs a significant infusion of cash per day to keep up with block rewards to remain at its current price. This could be some cause for concern for long-term holders of ETH.
GDAX continues to handedly lead the ETH-USD volume, suggesting on-ramping remains strong. The GDAX price has also begun closing in on the Bitfinex premium, which remains in place due to USD deposit and withdrawal halt on that exchange.
There is an active and near-complete bullish chart pattern, the Cup and Handle.
The chart pattern includes a matching descending volume profile for the cup as well as the handle. A resolution of the diagonal resistance should yield a break of the local high on volume. The measured
Read more ... source: Bitcoin Magazine
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