Chain News Today TheBitTimes.com

Ethereum price has turned oversold against Bitcoin, raising the possibilities of a rebound in the coming weeks. Ethereum's native token, Ether (ETH), continues its multi-month downtrend against Bitcoin (BTC) in March, rising 5.5% versus the latter's 19.5% gains on a month-to-date (MTD) timeframe. Bitcoin overshadows Ethereum amid banking crisis As of March 23, the ETH/BTC pair was down about 9% month -to-date (MTD) to 0.0633 while staying on course to record its worst month since September 2022 when it fell 11.75%. ETH/BTC monthly price chart. Source: TradingView From a fundamental perspective, traders preferred Bitcoin over Ether, hoping it would protect them from the ongoing banking turmoil in the U.S. and other parts of the world. The narrative gained momentum in recent weeks as Wall Street investors like Cathie Wood see Bitcoin as a potential "flight to safety" asset. ️CATHIE WOOD: #Bitcoin's response to the banking crisis is the most dramatic example that i...

An increase in Bitcoin trading volume and positive on-chain data appear to be the primary forces behind BTC’s newfound strength. The beginning of 2023 has provided Bitcoin (BTC) with bullish indicators and the rally to a year-to-date high at $21,647 has crypto traders hopeful that the worst part of the bear market has ended. The surge effect of BTC’s bullish price action is also carrying over to Ether (ETH) and Bitcoin mining stocks. The reduction in Bitcoin Fear and Greed index to neutral is possibly driven by volume increases, Bitcoin on-chain data and BTC price decoupling from equities markets. While not all analysts believe a market bottom is in, let’s dive into the data. Trading volume and volatility return Bitcoin’s price spike has been accompanied by massive growth in trading volume. Over the last week, BTC volume has more than doubled, reaching $10.8 billion, a 114% increase over 7-days. Bitcoin trading volume. Source: Arcane Research Increased trading typically correlates to...