Bitcoin, Ethereum, Dogecoin Trade Mixed On Biden's Promise On Debt-Ceiling: On-Chain Analysis Hints King Crypto In Early Bull Phase

Major cryptocurrencies were trading mixed on Wednesday evening defying the potential turbulence from the U.S. debt ceiling negotiations. 

What Happened: Bitcoin remained steady even as lawmakers continued to negotiate the debt ceiling, and President Biden assured the public that the country will not default on its debt.

At the time of writing, the global crypto market capitalization stood at $1.14 trillion, an increase of 0.13% over the last day. 

The U.S. stock market witnessed a surge as investors pinned their hopes on congressional leaders and President Joe Biden to reach an agreement on the U.S. debt ceiling. The S&P 500 rose by 1.2%, while the Nasdaq Composite saw an increase of 1.3%.

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Analyst Notes: Michaël van de Poppe believes that the recent reclaim of Bitcoin at $27,200 is a positive sign for the market. According to him, if Bitcoin sees a higher low at this level, it could potentially push toward $29,000.

Glassnode, a crypto analytics firm, has suggested that the bear market for Bitcoin could be coming to an end, citing positive on-chain metrics. 

The firm’s “Recovering from a Bitcoin Bear” signal, which uses eight different metrics analyzing key price models, on-chain activity, profit realization, and long-term holder supply dominance, indicates bullish indicators for Bitcoin. This suggests that the top crypto asset by market cap is potentially in the early stages of a bull market.

According to a recent analysis released by Santiment, a leading crypto analytics firm, meme-inspired cryptocurrencies such as DOGE and Shiba Inu SHIB/USD have seen their fair share of glory, with astronomical trading volumes in their peak periods.

However, PEPE, another crypto token born out of meme culture, hasn’t quite made it to that level yet. Despite hitting a peak daily trading volume of $2 billion in the past few weeks, this pales in comparison to SHIB and DOGE, which achieved trading volumes of $40 billion and $70 billion respectively. 

The report goes on to reveal that unlike DOGE and SHIB, retail participation in the Pepe rally has been “nearly nonexistent.”

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