The crypto market continued its bullish momentum after the US Federal Reserve delayed the rate hike to 25 basis points on Wednesday. In addition, the Bank of England and the European Central Bank are both announcing a rate hike of 50 basis points today. Bitcoin price is currently trading at $23,864, up more than 3% in the past 24 hours. Meanwhile, Ethereum price is up more than 6% in the past 24 hours, with a current price of $1,679.
Positive sentiment continues among traders as they await the close of the pivotal week. The US Dollar Index (DXY) is currently recovering from below the 101 level ahead of interest rate hike decisions.
Bitcoin Whale Activity Jumps After US FOMC
According to Bitcoin Exchange Whale Ratio for All Exchanges (EMA 7) on-chain data, whale activity has increased over the past two weeks. The move came after bitcoin whale activity on crypto exchanges hit a near-year low, despite a recent BTC price surge over the past two weeks.
Bitcoin Exchange Whale Ratio – All exchanges (EMA 7). Source: CryptoQuant
In addition, Bitcoin’s Coin Days Destroyed (CDD) were higher ahead of the US FOMC meeting on January 31 and February 1. However, the CDD data shows that transactions had not yet flowed to crypto exchanges. So it indicates that whales hold their Bitcoin.
Additionally, according to Bitcoin Realized Price UTXO Age Bands stats, the estimated cost base of the 3-6 month age cohort is approximately 20.4K. Thus, it will act as a support in case of the sales situation. While the cost basis for the next cohort (6-12 months) is about $32,000.
Bitcoin Realized Price – UTXO Age Groups. Source: CryptoQuant
Also Read: Bitcoin Price Holds $24,000 As Traders Watch These Three Major Events
Ethereum network activity is rising
Ethereum has recorded some positive signs due to increased network activity. Also, higher network activity generally causes the Ethereum price to rise. In addition, the total number of transactions on the Ethereum network has recovered to levels not seen since June 2021.
Contract calls have also reached new highs. However, Ethereum active addresses have yet to be restored. So, Ethereum price is generally bullish for an upward move.
Also Read: Bitcoin Vs US Dollar: How Strong Is Macro Support For Crypto Rally
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