Bitcoin found support again this Friday after yesterday’s drop into the $20k area. On the other side, Ethereum has continued to beat Bitcoin in terms of price movement; it increased by 4% over the last day, passing the $1,600 mark. The critical factor in Ethereum’s successful week this week has been the approaching network merging for ETH.
Key Ideas
- In terms of price activity, Ethereum outperforms Bitcoin as the network merge approaches.
- Bitcoin has regained control of the $20k mark, while ETHUSD has surpassed $1,600.
- The market capitalization of Ethereum continues to rise, while that of Bitcoin stays largely stable.
- Michael Saylor has had a terrible year, suffering massive losses due to the Bitcoin crash and government issues.
- The cryptocurrency market is approaching $1 trillion, indicating that the bulls have entered the fray.
Ethereum Gets Bullish Sentiment Ahead Of Merger
Since the future network merge in a few weeks will represent a significant milestone for the network, all eyes are on Ether this month. Since Ethereum will be the largest proof-of-stake network, there will be plenty of opportunities for traders to profit from a possible bull run that is anticipated to occur in Q4 2022.
In addition, while Bitcoin’s market valuation has remained unchanged, Ethereum’s has constantly been increasing. The market capitalization of Ether recently surpassed that of Bitcoin. As early as next year, the market capitalization of ETHUSD could surpass that of BTCUSD if the price action of Ethereum continues to outpace that of Bitcoin. The “Flippening” event, which would see Bitcoin deposed for the first time, would take place then.
Bitcoin Market News Update
Michael Saylor’s legal issues, for which he is being sued for tax fraud, are this week’s major Bitcoin-related news. One of the most well-known Bitcoin supporters, Michael Saylor, has lost more than $1.3 billion in value due to this year’s crisis, and the accusations of tax fraud aren’t doing him any favors.
Saylor is experiencing one of his worst years in 2022, but that doesn’t mean that he and his business, MicroStrategy, won’t soon bounce back.
According to technical indications like trading volume, which shows little movement over 24 hours this Friday for Bitcoin and Ethereum, the market will likely remain sideways over the weekend.
Looking at alternative.me’s cryptocurrency fear and greed index, the current level is at 25, which is still very high but less extreme than yesterday when it dropped as low as 20.
Despite the lackluster bitcoin price movement, some altcoins are still managing to post respectable gains. UniLend’s UFT achieved over 100% profit from $0.1600 to $0.3940. A few days ago, $PHB also reported 100% earnings.
Conclusion
The markets will likely see little change this weekend, even though the general mood is still bearish. The downward pressure seems to have subsided this Friday.
With its valuation standing at $988.58 billion, up 2.08% from the previous day, the global cryptocurrency market is also displaying some optimistic momentum.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: betochagas/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/bitcoin-gets-overtaken-by-ethereum-as-eth-exceeds-1600-while-btc-remains-at-20k/