Crypto Market Update: Ethereum Gains 8%, Bitcoin Rallies 3%

Crypto Market Update Ethereum Gains 8%, Bitcoin Rallies 3%

Crypto Market Update: Ethereum Gains 8%, Bitcoin Rallies 3%

The global Crypto market opened in green on Thursday morning, showing positive signs of recovery, with Bitcoin trading more than 3% higher at $19,213. Today, the market cap was below the $1 trillion mark, as it was up more than 3% over the past 24 hours at $1.02 trillion.

At the same time, Ether, the native token of Ethereum blockchain has moved up by 8% to $1,625. Experts believes the jump in Ether’s prices is due to its latest upgrade, known as Bellatrix, in which its current consensus protocol proof-of-Work (PoW) transitted to proof-of-stake (PoS). Additionally, the latest update after Bellatrix will be the Paris upgrade, which is set to be launch next week. 

On the recent development, CEO and Co-founder of Mudrex – Edul Patel, said, “Most Cryptocurrencies have regained their lost value, with Bitcoin gaining near 3% after falling to $18,558, the weakest since July 13th. If the BTC prices hold above the current level today, we may see it regaining its resistance level at $19,400. As anticipation for the Merge grows, Ethereum, the second-largest cryptocurrency, is outperforming BTC. It has successfully broken through its initial resistance level at $1,537 and is now heading in the direction of the $1,650 mark. Let’s wait and see what happens before the Merge.

At the same time, Shiba Inu slumped by 4% to $0.000012, while dogecoin price today gained 5% to move up at $0.6. Popular altcoins like Chainlink, Apecoin, XRP, Cardano, Stellar, Tron, Polygon, Binance USD, Polkadot, Tether, Litecoin and Uniswap, Avalance, Solana have also performed well. 

Due to the Fed interest rates hikes, Bitcoin has predominently traded in the same direction as other risk assets like the Nasdaq 100. The Terra/Luna ecosystem’s meltdown and the collapse of the hedge fund Three Arrows Capital have both dampened sentiment, and many crypto companies have gone out of business or are struggling to stay afloat.

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