The global crypto market cap is over $1 trillion, and cryptocurrency markets are up today. Bitcoin and Ethereum have exhibited substantial upside this week after the cryptocurrency market left gloomy territory last week, with BTC up over 13% and Ether up 11.67%. Given that the merge is only two days away, the cryptocurrency markets, particularly ETH, will probably continue to experience bullish momentum. If you’ve been debating opening a position in Ethereum (ETH), now is a great time to do so since, after the merger is complete later this month, the second-largest cryptocurrency is anticipated to reach the $2k threshold. Let’s examine any important news this week that has affected the price of Bitcoin and Ethereum.
Summary
- The $1.07 trillion market cap of all cryptocurrencies indicates an optimistic outlook.
- Due to the encouraging trend in the global cryptocurrency markets, Bitcoin and Ethereum enjoyed significant gains this week.
- Tomorrow’s CPI data will shed light on the state of the world economy and the Fed’s monetary policy.
- The Ethereum network sets for the last upgrade in the next two days.
- ETHUSD is anticipated to trade above $2k in the following weeks as the integration is priced in.
Bitcoin Market News Update
Bitcoin continues trading on the global stock market action, which was quite positive last week. The NASDAQ is up 4.72% over the previous five days, the S&P 500 is up 61 points, and the Dow Jones is up almost 350 points, all of which indicate optimistic momentum for international markets.
Unsurprisingly, Bitcoin experienced significant price growth of over 13% over the past seven days, giving the rest of the world’s markets a rise last week. This helped to raise the market capitalization of all cryptocurrencies to levels above $1 trillion and put the markets in a bullish mood.
The significant economic development this week will be the announcement of the CPI figures on Tuesday, September 13th, which will set the stage for the Federal Reserve’s monetary policy this month to fight inflation.
It remains to be seen if the Fed’s proactive monetary action of raising interest rates over the past few months will lead to a net decline in CPI data, although last month’s CPI numbers showed promise with a net inflation rate of zero.
The stock and cryptocurrency markets may experience extra upward momentum tomorrow as a result of positive news, but the Fed will probably proceed with this month’s interest rate hike regardless of the results.
Ethereum Market News Update
All eyes are on Ethereum as its network prepares for one of the most extensive improvements in its history, the merge, which is officially two days away.
By eliminating the need for inefficient hash mining utilizing ASICS and GPUs, Ethereum’s merger will convert Ether into a fully proof-of-stake consensus state, making it the biggest decentralized network that is environmentally sustainable.
Despite their dissatisfaction with the merge, the miners will probably either go to Ethereum Classic or disperse their hashing power among the many other EVM-compatible networks that are already accessible.
The trade volume of Ethereum has increased significantly over the last day, rising by nearly 26% to $15.8 billion. Ethereum continues to gain value compared to BTC, with a global market capitalization of $213 billion versus $426 billion for Bitcoin.
Even though “The Flippening” is still some time off, post-merge Ether’s price gain might be substantial and push it closer to overtaking Bitcoin in the coming months.
Finally, Ethereum gas fees have already decreased dramatically due to this year’s lousy market, which has significantly reduced overall cryptocurrency usage and enthusiasm. Even reduced gas prices after the merger will provide developers with considerable opportunities and give the chain more room to scale.
ETHUSD will likely trade above the $2k range in the upcoming weeks and months, so the time is now to open a long-term position.
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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