Bitcoin, which is the cryptocurrency with the largest market capitalization, saw an increase of 4.60% and was trading at $22,716 as of February 15. Meanwhile, Ethereum gained 4.43% and was trading at around $1,578.99.
Mudrex’s Edul Patel said that after the recent decline, bitcoin has bounced back and is currently trading above $22,000. Patel identified that the next range for bitcoin is $22,260, which represents a level of resistance, while its support lies at $22,000.
Regarding Ethereum, Patel commented that it is also experiencing an increase in value and is trading above $1,500, which aligns with the performance of Bitcoin. However, the general trend in the market seems to be slightly bearish, despite the slight gains in both cryptocurrencies.
Ether (ETH), the second largest cryptocurrency by market capitalization, has experienced a steady reduction in its exchange supply over the past six months following the merger. In September 2022, the Ethereum network underwent a significant upgrade by transitioning from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) network called Merge.
Crypto analytics firm Sentiment has shared on-chain data that shows that the amount of ETH available on exchanges is steadily decreasing. Since the merger, the amount of ETH available on exchanges has decreased by 37%, which is generally seen as a bullish sign as there is less ETH available to trade or sell.
Before the merger, there were 19.12 million ETH on exchanges in September, worth $31.3 billion. By the second week of February, the number had dropped to 13.36 million ETH, worth $19.7 billion.
Major cryptocurrencies trading till 9:00 AM IST on February 16, 2023:
Bitcoin: $25,032.56 USD
+11.35%
Ethereum: $1,721.31 USD
+9.21%
Tether: $1.02 USD
+0.04%
USD Coin: $1.00 USD
-0.02%
BNB: $325.64 USD
+8.76%
XRP: $0.4068 USD
+5.77%
Dogecoin: $0.09229 USD
+5.46%
Cardano: $0.4197 USD
+6.71%
Polygon: $1.40 USD
+10.21%
Polkadot:$6.77 USD
+7.21%
Tron: $0.07141 USD
+6.09%
Litecoin: $103.41 USD
+6.90%
Shibu Inu: $0.00001406 USD
+8.06%
Solana: $24.32 USD
+10.68%