Bitcoin found stability on Friday after yesterday’s dip below the $20K level. On the other hand, Ethereum continued to beat Bitcoin in terms of price action, climbing above $1600 in the last day with a gain of 4%. The main factor for a successful Ethereum week is the imminent consolidation of the ETH network, which is getting closer.
- With network consolidation imminent, Ethereum is doing better than Bitcoin.
- ETHUSD hits $1600 while Bitcoin struggles within the $20,000 level.
- While the market value of Bitcoin has remained essentially unchanged, Ethereum is on the rise.
- Due to the bitcoin slump and the troubles with the government, Michael Saylor is having a bad year with huge losses.
- The cryptocurrency market is on the rise to $1 trillion, which indicates that bulls are joining the fray.
Ethereum news update
This month, all eyes are on Ether due to the network’s upcoming merger, which will happen in a few weeks. It is expected to be an important turning point for the network. With Ethereum being the largest Proof of Stake network, traders will have plenty of opportunities to take advantage of a potential rally expected to occur in the fourth quarter of 2022.
Moreover, while the Bitcoin market valuation has remained unchanged, Ethereum is steadily rising. A few weeks ago, Ether’s market cap exceeded that of Bitcoin. If Ethereum price behavior continues to outpace that of Bitcoin, the market value of ETHUSD could exceed that of BTCUSD early next year. On an occasion known as “The Flippening,” Bitcoin will be toppled for the first time.
Bitcoin related news update
The main Bitcoin story this week concerns the legal issues of Michael Saylor, as he is accused of tax fraud. One of the most famous bitcoin proponents, Michael Saylor, lost nearly $1.3 billion in value in the bitcoin crash this year, and tax fraud lawsuits are doing him no good.
Although Saylor is going through one of his worst years in 2022, he and his company, MicroStrategy, will eventually recover from the disasters.
Technical indicators such as Volume, which shows no change in 24-hour volume on Friday for Bitcoin and Ethereum, suggest that the market will continue to move sideways over the weekend. In addition, the current level of Altern.me’s Crypto Fear and Greed Indicator At 25, which is still relatively high but less severe than yesterday, when it fell to 20.
Some altcoins are still making reasonable gains despite Bitcoin’s lackluster movement, with UniLend’s UFT bringing in more than 100% profit from $0.1600 to $0.3940. $PHB also posted 100% profit a few days ago.
Even while overall market sentiment is weak, the downward pressure appears to have subsided on Friday, and the weekend’s trading is expected to remain relatively unchanged. Similarly, the value of the global cryptocurrency market is moving in an upward direction towards the $1 trillion mark, currently at $988.58 billion, up 2.08% from the previous day.
Disclosure: This is not business or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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