After last week’s excellent performance, Ethereum continues to trade sideways this weekend at the $1,600 level. The cryptocurrency is trading within the $1,400 – $1,600 range, with a 3.87% decrease in 24-hour trading volume, currently at $16.2 billion. While the market is losing some momentum this Sunday, will Bitcoin and Ethereum manage to stay within their current range until next week? Let’s find out.
Ethereum Price Holds Above $1,600
While Ethereum’s price was above the $1,500 level yesterday, the market remains highly bullish as the crypto asset attempts to establish $1,600 as new support. After last week’s EthCC conference, which undoubtedly contributed to a surge in the hype around Ethereum and digital assets, it’s refreshing to see relatively healthy markets this weekend.
The global cryptocurrency market cap is also above the $1 trillion mark, with a $36 billion cushion. If the global crypto market cap remains above $1 trillion, it will give traders and investors the confidence to continue buying crypto.
While Bitcoin’s market capitalization is $430 billion, Ethereum’s is $192 billion. Ethereum’s market cap is approaching half of Bitcoin’s, suggesting that ETH is inching towards dominance over BTC.
The bullish momentum surrounding Ethereum is due to the network’s preparation in September to switch to a proof-of-stake consensus model, not only improving its footprint on the environment, but as Vitalik Buterin pointed out at EthCC, the new Ethereum network will be able to hand upwards of 100k transactions per second.
The TPS upgrade will significantly relieve high gas prices and provide the scalability required for Ethereum to enter a new paradigm of user adoption and utility.
7D ETHUSD // Source: CoinMarketCap
Ethereum will likely continue trading in the $1,500 – $1,600 range until next week, when global markets and Bitcoin will likely push the digital asset into bullish territory above $1,600.
Ethereum Classic Outperforms ETH with 30% Weekly Gains
In other news, Ethereum Classic, a fork of Ethereum, has outperformed the cryptocurrency regarding weekly data, rising by over 30% in the past seven days.
As Ethereum classic can take advantage of Ethereum’s network upgrade, it will likely continue to show substantial bullish momentum as the “merge trade” pushes Ethereum prices higher.
Some predict miners will likely switch to Ethereum Classic after Ethereum’s merge, further contributing to ETC’s bullish price action.
ETC is currently trading at $25.39, up over 34% in the past seven days, with a market cap of $3.4 billion and a 24-hour trading volume of $989 million.
As a lower-capped altcoin compared to Ethereum, ETC will exhibit increased volatility and will likely show a rebound before attempting to breach through the $30.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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