Bitcoin
Ethereum (ETH) Prices Shoots Up Reaching New High, Breaking The $700 Barrier
Cryptocurrencies have been the talk of the town this week due to surging prices, starting with Bitcoin which has seen massive gains. It seems that the trend has trickled down to the altcoins with most of them experiencing significant gains. Ethereum has not been left behind and has been demonstrating significant gains over the past 12 months.
Yesterday was particularly a great day for Ethereum because its price was characterized by a massive spike that pushed it up beyond the $700 mark. In fact, the price shot up slightly beyond $750 before falling back to the $600s. The surge was quite surprising because the altcoin had already gained by 8,000 percent by the time it was approaching $600 and the price was not expected to go any higher.
Ehereum has been quite volatile over the past 24 hours with the price hitting a new high of $753 and a market cap of $70 billion. Despite the gains, the altcoin is still miles away from Bitcoin whose price is currently around $18,600. However, Ethereum has managed to achieve higher returns than bitcoin within the same duration.
Both Bitcoin and Ethereum are quite similar in that they are both cryptocurrencies that operate on decentralized blockchain technology. However, Bitcoin’s blockchain is only used as a payment system while Etherum’s blockchain can also be used to run decentralized apps. This is one of the reasons why Ethereum is becoming more appealing to analysts than Bitcoin.
The rising value of Ether highlights its growing popularity and it is currently one of the strongest cryptocurrencies that is up there with bitcoin. It is currently not clear whether the value of Ethereum will go past the latest high but there is a high probability that it will as it gains more traction and popularity. It would thus not be surprising if the price continued to go up.
Meanwhile, the recognition is so significant especially due to the fact that the altcoin also ushered in new technology that allows the latest generation of startups to raise money through initial coin offerings (ICOs). Numerous startups have already launched ICOs to raise funds for their projects. The ICOs allow participants to receive new tokens in exchange for Ethereum. The tokens are generated on the Ethereum blockchain.
The growing popularity of ICOs seems to be raising concerns among critics. Jay Clayton, the Chairman of the Securities and Exchange Commission released a statement on Monday, through which he cautioned people about the dangers of ICOs. This is largely due to the fact that they are not regulated. The cryptocurrency continued to rise in value despite Clay’s warnings. The same has been the case with numerous other cryptocurrencies and not just Ethereum. One of them was an altcoin called Ripple which gained by 73 percent on Thursday.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Jonathan Brodsky via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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