Bear Market Alert – Bitcoin Slumps to $40K while Ethereum & BlockDAG Coin Show Outstanding Resistance
Photo: BlockDAG
This content is provided by a sponsor
/BlockDAG/ – Bitcoin (BTC) is traded for around $40,000, with a surge in large transactions following the approval of exchange-traded funds. The mid of January witnessed three major moves, with BTC traders shifting 42,870 BTC in a single hour, marking the highest hourly movement in the past six months.
Amid this, Ethereum (ETH) shows strong upward momentum, narrowing the gap with BTC. According to Santiment data, ETH’s price dominance against BTC has increased, with various on-chain indicators signaling positive trends for ETH.
On the other hand, BlockDAG Coin (BDAG) emerges as a viable presale investment to shield investors from these terrible volatility storms. Despite the ongoing market turbulence, the BlockDAG presale successfully managed to raise $1 million within 24 hours, igniting a sense of FOMO among investors worldwide.
Bitcoin Witnessed the Craziest Slump
The approval of the Bitcoin ETF triggered a surge in the volume of transactions on the blockchain. Sentiment, an on-chain data intelligence tracker, reported that three out of the four largest BTC transactions in 2024 occurred mid January. But despite this, the crypto leader could not hold its position as it slumps massively, reaching close to $40K.
Subsequently, Bitcoin failed to surpass the bearish imbalance zone, delineated between $41K and $40K. BTC price remained within the established range below $41K and further decreased to $40,800. BTC must overcome the resistance zone above the $45,600 mark to escape the current range bound price movement.
Ironically, Ethereum Shines over Bitcoin
According to on-chain data from Santiment, Ethereum’s dominance in price over Bitcoin has notably surged, marking a 22.4% increase in the second week of 2024. Over this period, an average of 89.4 thousand new ETH wallet addresses were generated daily, underscoring the increasing popularity of the network. Particularly noteworthy is that January 16 alone created 96.3 thousand wallet addresses.
Alongside this, Sentiments data discloses a notable pattern wherein ETH’s supply on cryptocurrency exchanges is nearing an all-time low of 8.05%. This shift towards self-custody and staking paints a more optimistic picture, contrasting concerns about a heightened supply on exchanges and suggesting a decreased likelihood of a short-term sell-off. These insights collectively illuminate ETH’s present market robustness over BTC and its potential influence on upcoming price dynamics.
BlockDAG Coin – the Messiah for Sustainability Lovers
BlockDAG Coin pioneers environmental sustainability in the cryptocurrency realm by revolutionising blockchain technology. Through its innovative Proof-of-Work (PoW) consensus mechanism, BlockDAG prioritises energy efficiency, demonstrating a responsible approach to mining with a minimised carbon footprint. This commitment aligns with global initiatives to reduce the environmental impact of blockchain, making BlockDAG a socially responsible and forward-thinking investment in the crypto market.
Building on its commitment to environmental responsibility, BlockDAG Coin further distinguishes itself in the cryptocurrency arena by prioritising user-friendly mining experiences. The BlockDAG x1 mobile application, available on both the App Store and Google Play, revolutionises crypto mining by allowing individuals to effortlessly mine up to 125 BDAG coins daily. This approach not only promotes accessibility for newcomers but also provides a passive income stream for users, seamlessly integrating mining into their daily routines.
Additionally, BDAG’s home Mining, facilitated by the BlockDAG x10, x30, and x100 machines, caters to seasoned miners with varying capabilities. The emphasis on user-friendliness, energy efficiency, and rewarding structures underscores BlockDAG’s commitment to inclusivity and ease of use, making it an attractive option for a broad audience.
As Bitcoin hovers around $40K and Ethereum braces itself to take on BTC, BlockDAG presale emerges as a standout choice in the cryptocurrency landscape. With its innovative mobile mining apps and commitment to environmental sustainability, BDAG offers a unique blend of accessibility, passive income potential, and eco-conscious practices. Join the BlockDAG community and pre-order BDAG miners to be part of a forward-thinking and socially responsible investment.
Disclaimer: This publication is sponsored. Coinspeaker does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned. Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Coinspeaker or any third party service provider to buy or sell any cryptoassets or other financial instruments. Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Coinspeaker shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.
