Ethereum Gains Surpass Bitcoin, Dogecoin: Analyst Says 'Scalp Trading' On Apex Crypto Could Push It To $22K

Zinger Key Points
  • Cryptocurrencies remain in the green even as stocks show weakness going into fresh trading week.
  • Investors on the lookout for key inflation data slated to come out on Thursday.
  • Surge in Ethereum address creation over the weekend noted by market intelligence platform.

Major coins were seen in the green on Sunday evening as the global cryptocurrency market cap rose 1% to $947.5 billion at 9:19 p.m. EDT.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 0.5% 2.1% $19,507.12
Ethereum ETH/USD 1.7% 4.1% $1,335.24
Dogecoin DOGE/USD 1.2% 4.5% $0.06
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
TerraClassicUSD (USTC) +16.9% $0.03
Casper (CSPR) +6.2% $0.04
XRP (XRP) +5.55% ​​$0.54

See Also: Best Crypto Debit Cards

Why It Matters: Bitcoin and Ethereum were seen trading higher intraday even as U.S. stock futures opened up in the red at the beginning of the fresh trading week. The S&P 500 and Nasdaq futures were trading 0.5% lower each at the time of writing.

Ethereum’s gains outstripped those of Bitcoin on an intraday and seven-day basis.

There was a “surge” in the number of new Ethereum addresses created on Sunday. Santiment tweeted that 135,780 new ETH addresses popped up on the network.

“This is 11.1% more network growth than the next highest of 2022 (Jan 3rd). Utility rises commonly foreshadow potential asset breakouts,” said the market intelligence platform.

On the macro front, data from the Labor Department indicated that the U.S. added 263,000 jobs in September — the number was higher than the 250,000 number estimated by economists.

OANDA Senior Market Analyst Edward Moya said that we “won’t be seeing a Fed downshift at the next FOMC meeting in November.”

“The labor market is still strong and inflation is not dropping quickly, which still means the Fed could take rates as high as 5% and that will break parts of the economy,” wrote Moya in a note seen by Benzinga.

“Bitcoin still seems poised to remain in its consolidation pattern,” said Moya after the non-farm numbers came out and warned that the upcoming inflation report in the fresh trading week could “change” that.

The consumer price index data is slated to come out on Thursday. Risk assets would also be affected by the release of earnings data from some major banks this week.

Meanwhile, the “Crypto Fear & Greed Index” indicated “Extreme Fear” going into the fresh trading week. The measure has remained unchanged from last week.

Michaël van de Poppe said that "scalp trading" has been activated on Bitcoin. “If this plays out, swing longs are probably the way to go too. Cracking [$20,000] and I assume we'll see [$22,000].” 

CryptoQuant analyst Dan Lim said the longer the cryptocurrency market falls “the less short-term buying” takes place in a post.

The community-oriented analysis platform said on Twitter that Bitcoin was in a “No One Buy” zone.  

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