Bitcoin price is clinging on to $53,000 while Ethereum’s increasing bullish momentum prompted renewed discussions of an ETH flippening. Bitcoin and the overall cryptocurrency market saw minor losses on April 29 as the market heads into the expiry of $4.2 billion worth of (BTC) options contracts. Data from Cointelegraph Markets and TradingView shows that since reaching a high above $56,400 on April 28, the price of Bitcoin has dropped more than 6% back down near the $53,000 support level while Ethereum (ETH) continues to trade above $2,700.
Despite the lull in market activity, signs of mainstream cryptocurrency integration continue to emerge on a near-daily basis. Earlier today Coinbase announced that users can now purchase up to $25,000 worth of cryptocurrency per day using their PayPal account.
And it's not just financial institutions that are integrating blockchain technology to help achieve financial objectives. The government of Ethiopia revealed a partnership with Input Output Hong Kong (IOHK), the research and development arm behind Cardano (ADA). The goal of the new partnership is to us blockchain technology to overhaul its education system.
While Bitcoin continues to struggle below the $55,000 resistance level, the ETH/BTC pairing has started climbing higher in a move that was predicted by multiple analysts, including Real Vision CEO Raoul Pal. The bullish movement in the ETH/BTC pair has also reignited conversations about Ether price evetually flipping BTC. According to Élie Le Rest, partner at digital asset management firm ExoAlpha, Ether has been getting stronger against Bitcoin since the end of March with the upcoming upgrade which includes EIP 1559 being “seen as a strong catalyst of the recent ETH bull-run.”
This increased momentum is a signal for Le Rest that the market may be in a “buy the rumor, sell the news configuration that may drive the price up until EIP 1559 is released in July this year.”
Le Rest said: "Overall, this Ethereum upgrade is getting closer to ETH 2.0, with features like shifting from a proof-of-work to a proof-of-stake chain including a burning fee mechanism. Those upcoming features are a great incentive for investors to tag along, contributing to ETH's strong recovery against BTC, but it’s still very early to put the flippening topic on the table again.”
The slumping price of Bitcoin weighed down the wider cryptocurrency market on Thursday with a majority of altcoins experiencing minor losses. Some notable exceptions to the pullback include Syscoin (SYS), which at one point spiked 45% to $0.50 and the Binance Smart Chain-based Venus lending platform, whose XVS token rallied 30% to $97.90, just a dollar short of its all-time high.
Waves (WAVES), a multi-purpose blockchain platform, also experienced a 20% surge that lifted the token to a new record high at $23.43. The overall cryptocurrency market cap now stands at $2.035 trillion and Bitcoin’s dominance rate is 48.8%.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||87.6%||20||$19 083.51||-1.06%||1.40%||$365 781 815 743|
|2||ETH||Ethereum predictions||60.8%||83||$1 281.89||-2.22%||-1.23%||$157 194 265 600|
|3||USDT||Tether predictions||96%||1||$1.000050||0%||0%||$67 952 795 097|
|4||USDC||USD Coin predictions||91.6%||1||$1.000020||0.01%||0%||$47 326 491 868|
|5||BNB||Binance Coin predictions||90.8%||14||$285.57||1.14%||4.15%||$46 073 556 698|
|6||XRP||XRP predictions||61.2%||86||$0.453299||-4.55%||-8.26%||$22 619 945 926|
|7||BUSD||Binance USD predictions||95.2%||1||$1.000118||0.11%||0.06%||$21 044 705 794|
|8||ADA||Cardano predictions||78%||41||$0.422139||-2.00%||-5.32%||$14 459 594 259|
|9||SOL||Solana predictions||82%||27||$32.15||-1.56%||-0.56%||$11 427 909 285|
|10||STETH||Lido stETH predictions||95.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||DOGE||Dogecoin predictions||88.8%||14||$0.059515||-1.94%||-2.79%||$7 895 849 620|
|12||DOT||Polkadot predictions||68.4%||71||$6.19||-1.35%||-0.33%||$6 947 808 682|
|13||DAI||Dai predictions||93.6%||1||$0.999786||0.03%||0.03%||$6 830 875 509|
|14||MATIC||Polygon predictions||70.8%||64||$0.767118||-0.22%||4.02%||$6 700 252 529|
|15||WTRX||Wrapped TRON predictions||92.4%||5||$0.060883||0.66%||2.30%||$6 190 317 836|
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