After losing value last night and for the majority of this week, the cryptocurrency markets are showing little movement this Friday. The market capitalization of all cryptocurrencies is at $920 billion, up 1.94% over the previous day. The price of Bitcoin is currently at $19k, and Ethereum has climbed back over the $1,300 support. Let’s see the recent news that has an impact on prices.
Summary:
- Given that the values of Bitcoin and Ethereum are still moving sideways this Friday, the cryptocurrency market is essentially unaltered.
- According to some analysts, the bear market may be coming to a conclusion and only endure another two to three months.
- Many projects are utilizing the opportunity of reduced volatility to keep innovating and concentrate on being ready for the upcoming bull market.
- The environmentally friendly activity appears to be the trend for crypto assets, as seen by the SBC protocol for Bitcoin and the merger of Ethereum.
Bitcoin Market Update
Bitcoin continues to retain the $19k support level despite dropping trade volume and a general bearish trend, suggesting extraordinarily high resilience to volatility. According to a forecast by Cointelegraph, the bear market for Bitcoin will remain a little longer than two to three months before efforts to rescue the asset begin.
It’s plausible that some on-chain measurements for Bitcoin have hit bottom, but we won’t know for sure until there has been a sustained period of upward momentum.
Losses for investors result from a bear market, but projects benefit from the downturn’s trend, giving them the breathing room to develop and get ready for the bull market. Some projects concentrate on developing a Bitcoin protocol that benefits the environment. The merger of Ethereum is a positive step toward making blockchain and digital assets environmentally friendly technology.
Ethereum Post-Merge News Update
In addition, a Coindesk analysis claims that Ethereum is becoming a deflationary asset, which suggests that over the long run (months to years), Eth’s price may rise significantly relative to other cryptocurrencies.
Despite Ethereum’s recent sluggish performance, ETH outperformed BTC today regarding price movement. Next year, Ethereum may yet surpass Bitcoin in market cap, becoming the market’s most valuable cryptocurrency.
If ETH doubled in value to $2,600 from its present market cap of $160 billion, it would be very near to Bitcoin’s market cap of $370 billion. Such a price spike for Ethereum is possible, although unlikely.
Today’s trade volume for cryptocurrencies is unchanged, with Ethereum seeing an 8% increase and Bitcoin’s volume falling by 2%. Cryptocurrency market capitalization is currently $923 billion, which is still below the $1 trillion area and still indicates a bearish trend.
The absence of bullish price activity may appear to be a bearish indicator. Still, it’s crucial to remember that volatility in cryptocurrencies is much lower now than earlier this year. The market may be bottoming out and stabilizing due to lower volatility.
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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