Bitcoin and the general cryptocurrency market saw minor losses on April 29 as the market heads towards the expiration of options contracts worth $4.2 billion (BTC).
Data from Cointelegraph Markets and TradingView show that since peaking above $ 56,400 on April 28, the price of Bitcoin has fallen more than 6% near the support level of 5 53,000, while Ethereum (ETH) continues to trade above $2,700.
Despite the calm in market activity, signs of conventional cryptocurrency integration continue to emerge almost daily. Earlier today Coinbase announced that users can now buy up to cryptocurrency 25,000 in cryptocurrencies per day using their PayPal account.
And it’s not just financial institutions that are integrating blockchain technology to help achieve financial goals. The Ethiopian government revealed a partnership with Input Output Hong Kong (IOHK), the research and development arm behind Cardano (ADA). The goal of the new partnership is for American blockchain technology to overhaul its education system.
ETH / BTC starts to rise higher
While Bitcoin continues to struggle below the resistance level of 5 55,000, the ETH/BTC pairing has started to climb higher in a move that was predicted by several analysts, including Real Vision CEO Raoul Pal. The bullish movement in the ETH/BTC pair has also rekindled conversations about the price of ether by constantly changing the BTC.
According to Élie Le Rest, a partner at digital asset management firm ExoAlpha, Ether has strengthened against Bitcoin since late March with the upcoming update including EIP 1559 being ” seen as a strong catalyst for ETH’s recent bull run.”
This increased momentum is a signal for Le Rest that the market may be on a ” buy the rumor, sell the news setup that can drive the price until EIP 1559 is launched in July this year.”
The Rest said:
“Overall, this Ethereum update is nearing ETH 2.0, with features like switching from a proof-of-work chain to a proof-of-stake that includes a recording fee mechanism. Those upcoming features are a huge incentive for investors to join in, contributing to the strong recovery of ETH against BTC, but it’s still too early to put the issue back on the table.”
A few altcoins win
The fall in Bitcoin price weighed the wider cryptocurrency market on Thursday with a majority of altcoins experiencing minor losses.
Some notable exceptions to the pullback include Syscoin (SYS), which at one point shot up 45% at $0.50 and Binance-based lending platform Venus Smart Chain, whose XVs token recovered 30% at 9 97.90, just one dollar below its all-time high.
Waves (WAVES), a multi-purpose blockchain platform, also saw a 20% increase that raised the token to a new record of 2 23.43.
The overall capitalization of the cryptocurrency market now stands at $2.035 trillion and the Bitcoin dominance rate is 48.8%.