Chinese Renminbi Surge Signals Bullish Momentum for ETH/BTC Pair and Altcoin Market Cycle
On April 29, 2025, at 10:15 AM UTC, prominent crypto analyst Michaël van de Poppe highlighted a significant correlation between the Chinese Renminbi's upward spike and the relative strength of Ethereum (ETH) against Bitcoin (BTC), as noted in his tweet on X (source: Michaël van de Poppe, Twitter, April 29, 2025). According to market data from Binance at 10:00 AM UTC on the same day, ETH/BTC trading pair surged by 2.3%, with ETH reaching $3,250 against BTC's $62,500, reflecting a stronger momentum for Ethereum (source: Binance Live Data, April 29, 2025). Simultaneously, the Chinese Renminbi appreciated by 1.5% against the US Dollar, trading at 7.05 CNY/USD as reported by XE.com at 9:30 AM UTC (source: XE.com Currency Data, April 29, 2025). This currency movement aligns with van de Poppe's observation that a stronger Renminbi often correlates with altcoin strength, particularly Ethereum, over Bitcoin. Trading volume for ETH/BTC on Binance spiked by 18% within the 24-hour period ending at 10:00 AM UTC, reaching 12,500 ETH traded, indicating heightened market interest (source: Binance Volume Metrics, April 29, 2025). Additionally, on-chain data from Glassnode at 8:00 AM UTC showed a 15% increase in Ethereum wallet activity, with 320,000 active addresses, suggesting growing investor confidence potentially tied to macroeconomic factors like the Renminbi's strength (source: Glassnode On-Chain Metrics, April 29, 2025). This event also comes amidst whispers of a new altcoin cycle, with van de Poppe suggesting that such currency movements could be early indicators of broader market shifts. For traders searching for insights on Ethereum price trends or altcoin market cycles, this correlation between global currency fluctuations and crypto pair performance offers a critical data point to monitor over the coming days. The interplay of traditional finance and cryptocurrency markets, especially with major economies like China, remains a powerful driver for digital asset valuations. Read More JPMorgan CEO says Bitcoin is 'a hyped-up fraud'
Delving into the trading implications, this Renminbi spike and ETH/BTC rally present actionable opportunities for crypto investors as of April 29, 2025, at 11:00 AM UTC. The ETH/BTC pair's 2.3% gain, as recorded on Binance, suggests Ethereum is outperforming Bitcoin in relative terms, which could signal the start of an altcoin season as hinted by van de Poppe (source: Binance Trading Data, April 29, 2025). For traders focusing on altcoin investment strategies, this movement indicates a potential shift in capital from Bitcoin to Ethereum and possibly other altcoins. Spot trading volume for ETH/USDT on Coinbase also rose by 22% to $850 million in the 24 hours ending at 10:30 AM UTC, showcasing strong retail and institutional interest (source: Coinbase Volume Data, April 29, 2025). On-chain metrics from IntoTheBlock at 9:00 AM UTC reveal that 68% of Ethereum holders are in profit at current price levels around $3,250, which could encourage further buying pressure if sentiment holds (source: IntoTheBlock Holder Data, April 29, 2025). Meanwhile, Bitcoin's dominance index dropped by 1.2% to 53.8% as of 10:45 AM UTC, per CoinMarketCap data, supporting the narrative of capital rotation into altcoins (source: CoinMarketCap Dominance Metrics, April 29, 2025). For those exploring crypto trading signals, focusing on ETH/BTC and other major altcoin pairs like ADA/BTC or SOL/BTC could yield opportunities, with SOL/BTC up 1.8% to 0.0023 on Binance at 10:15 AM UTC (source: Binance Pair Data, April 29, 2025). Traders should watch for sustained Renminbi strength as a potential catalyst for continued altcoin outperformance.
From a technical perspective, as of April 29, 2025, at 12:00 PM UTC, Ethereum's price action against Bitcoin shows bullish signals on multiple indicators. The ETH/BTC pair on TradingView's 4-hour chart crossed above its 50-day moving average at 0.052, signaling a short-term bullish trend with a price of 0.0525 (source: TradingView Technicals, April 29, 2025). The Relative Strength Index (RSI) for ETH/BTC sits at 62, indicating room for further upside before overbought conditions, as recorded at 11:30 AM UTC (source: TradingView RSI Data, April 29, 2025). Trading volume analysis on Kraken for ETH/BTC shows a 25% increase to 9,800 ETH traded in the 24 hours ending at 11:00 AM UTC, reinforcing the strength of this upward move (source: Kraken Volume Metrics, April 29, 2025). For ETH/USDT, support levels are holding firm at $3,200, with resistance near $3,300 as of 11:45 AM UTC on Binance's order book data, suggesting a potential breakout if volume sustains (source: Binance Order Book, April 29, 2025). On-chain transaction volume for Ethereum spiked by 30% to $5.2 billion in the past 24 hours as of 10:00 AM UTC, per Etherscan data, indicating robust network usage possibly driven by macroeconomic sentiment (source: Etherscan Transaction Data, April 29, 2025). While this analysis does not directly tie to AI-related crypto tokens, the broader market sentiment influenced by currency movements could impact AI projects like Fetch.ai (FET), with FET/BTC up 1.5% to 0.000035 on Binance at 11:15 AM UTC, hinting at altcoin spillover effects (source: Binance FET Data, April 29, 2025). Traders seeking the best crypto trading strategies or Ethereum technical analysis should monitor these indicators closely for entry and exit points in this evolving market cycle.
In summary, the correlation between the Chinese Renminbi's spike and Ethereum's strength against Bitcoin offers a compelling narrative for traders on April 29, 2025. With precise data points across price movements, trading volumes, and technical indicators, investors have a clear view of potential altcoin opportunities. For those asking how currency fluctuations impact cryptocurrency prices, this event underscores the interconnectedness of global finance and digital assets. Keep an eye on Ethereum price predictions and altcoin market trends for the latest updates on this developing cycle.
READ SOURCE businessmayor April 29, 2025
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