The View Of The Market Today - Possible Price Rise for ETH
A glimmer of light came with Ethereum reaching $1,600 today, the highest level in a while, and if you look closely, you'll see that it's not that far from its all-time high. You can tell when these two coins are happy that the entire cryptocurrency market is also happy, especially the market cap. Bitcoin also demonstrated its happy move today by rising above $23,000. This is evidently due to their dominance—they have the most dominance and are frequently coupled with alternative currencies.
Although I still think the market will see a bull trend at this time, I don't think it will be long-lasting. Since it has been striving to do so for a time, Bitcoin has done a good job of keeping its price over $20,000. The crypto market cap attempted to recapture its $1 trillion market cap price today, though it really succeeded in doing so. However, it is currently $1,064,031,737,533.977.
Although the dominance of other cryptocurrencies in the chart is minimal and unimportant, we can't help but notice the part they also played in raising the market cap to $1,064,031,737,533.977. This wasn't the first time we have reached this point; just a few months ago, we had a market cap far higher than this one, which eventually fell sharply to below $1 trillion. Regarding the price of the $1 Trillion Market Cap, we have previously witnessed these extreme movements in the cryptocurrency market. Sometimes it doesn't endure for very long; it only takes a short period of time for the price to fall. Will that be the situation here? I certainly hope not, as I am sick of seeing red and would prefer to see green.
However, the market will still act in accordance with its own sentiments, so who cares what I want? Ethereum is anticipated to undergo an integration in which it will transition from a proof-of-work to a proof-of-stake mechanism. As individuals are about to start paying low gas fees for ETH, this could help boost the price of the cryptocurrency. Expect a likely pump as this integration occurs in September, which is practically nearby.
Reference
https://stealthex.io/blog/2022/05/13/ethereum-2-0-release-date-where-are-we-two-years-later/
https://twitter.com/Mistural1/status/1549485880318074880?s=20&t=w670cYKyE01b2UX5HI4wvg
Your post was upvoted and resteemed on @crypto.defrag
You need to increase your engagement in the community by increasing number of comment to get better support. Thanks
Shifting POW to POS can be a key indicator in gas fee and price
I think this will definitely help all the Crypto space in general
Thank you for visiting
Same thought over here
I think not only Ethereum that is about to rise but other cryptocurrency as well.
I believe we are approaching the bull market very soon
That was a great analysis done here bro, thanks for sharing with us and keep up the good work.
Interesting explanation about current eth