And ethereum and the broader cryptocurrency market adopted a contract pattern after impressive gains in July With serious concerns still swirling around some coins.
Bitcoin price has added about 20% since this time last month while the price of Ethereum is up 50% as the hype around the long-awaited merger upgrade reaches a fever pitch — with one of the Ethereum founders making Surprising Ethereum Price Prediction.
Now, crypto traders are closely watching for signs that Ethereum may finally overtake Bitcoin as the largest cryptocurrency by value – which means there is more than 100% Ethereum – with one prominent analyst saying that the so-called “volatility” is approaching During the day.”
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“I still hear people repeating the question,” Wen [sic] volatile? . “
Many in the Ethereum community have long predicted that the market cap of Ethereum, which is currently just under half of Bitcoin’s over $400 billion, will eventually outperform Bitcoin due to the functionality and broader reach of the Ethereum smart contract. The price of Ethereum has fluctuated dramatically over the past year amid an explosion in the popularity of digital holdings known as non-fungible tokens (NFTs) built on the Ethereum blockchain.
However, Bitcoin has also seen an increase in demand as investors are betting that it will eventually become the digital equivalent of gold.
“We love ether, and we think it is a key differentiating factor,” said Joe DiPasqual, CEO of crypto hedge fund manager BitBull Capital. luck. “Bitcoin was the 100-pound gorilla, but ether is really another hundreds of pound gorillas. Everything else is left behind.”
Meanwhile, analysts expect the US Federal Reserve – which is largely blamed on extreme volatility in bitcoin, cryptocurrencies and the stock market –It could “sharply” slow the pace of interest rate increases and “move toward easing fairly quickly”which may cause further price fluctuations.
Since the next day [Federal Reserve interest rate meeting] In September, we will likely see increased volatility next month as speculators take their chances.”
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The Ethereum consolidation upgrade, tentatively scheduled for mid-September, will see the network shift away from Bitcoin’s Proof of Work consensus mechanism to a more energy-efficient Proof of Stake. This would allow Ethereum holders to “share” their own ether to secure the network in exchange for freshly minted coins instead of relying on so-called miners using high-powered computers to secure the blockchain and verify transactions.
Last week, Ethereum co-founder and spiritual leader Vitalik Buterin said that he still does not believe that the long-awaited Ethereum merge upgrade is fully “priced” —He predicted that “once the consolidation happens, morale will rise a lot.”