Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions

Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions


Bitcoin is knocking at the gates of $17,000 while Ethereum’s transaction growth in 2020 is a positive indicator of future financial use cases.

Bitcoin (BTC) trading around $16,829 as of 21:00 UTC (4 p.m. ET). Gaining 6.1% over the previous 24 hours. Bitcoin’s 24-hour range: $15,792-$16,851 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Nov. 14.

Source: TradingView

Bitcoin’s price made big gains Monday, turning bullish out the gate from a weak weekend and hitting as high as $16,851, according to CoinDesk 20 data. 

Read More: Citibank Analyst Says Bitcoin Could Pass $300K by December 2021

“Bitcoin has accelerated to the upside on positive short-term momentum, upholding overbought conditions following its recent breakout above former resistance from 2019,” said Katie Stockton, a technical analyst for Fairlead Strategies. 

Momentum, as measured in the form of

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