Ethereum soared 11% with another ghost fork going live and the market turned green again with BTC surging above $20,000, so read more today in our latest Ethereum news.
After the recent volatility, bitcoin surged above $20,000, so altcoins also turned green after being led by Ethereum’s massive double-digit surge. After the middle of last week, the major cryptocurrency hit a fresh high of $22,500 and the landscape turned bleak. In just a few days, the asset fell below the $20,000 line, but now Ethereum has soared 11% after the phantom fork went live.
Once the US presented the record CPI numbers, BTC again experienced volatility and fell below $19,000, but that was short-lived as the balls returned almost immediately. BTC jumped to $20,000 and failed to reclaim it decisively, it did in the last 12 hours and added another $1,000, so now it’s close to $21,000 and the market capitalization is now close to $400 billion, but altcoin dominance has been reduced to 42.5. %. The new data showed that BTC’s correlation with the US stock market has dropped dramatically to a new yearly low and BitMEX co-founder Arthur Hayes believes the US will soon start printing. money, which is often bullish for Bitcoin.
JP analysts said the cost of producing BTC fell 50% in June, which may be a bearish sign for the asset. The rest of the coins also turned green with ETH in the lead and the second largest crypto is up 11% on a daily scale. Similar gains came from MATIC and Solana larger cap altcoins with 12% jumps and SOL sitting near $40 while MATIC approaches $0.7. DOGE, XRP, DOT, SHIB and avalanche are also in the green while BNB and ADA saw weaker gains.
With most small-cap altcoins doing well, the cumulative market cap added another $50 billion in a day and sits above $900 billion. COTI will undergo a hard fork and OpenSea has joined larger companies in the industry in laying off some of its employees.
As previously reported, the highly anticipated upgrade will move ETH from the PoW blockchain network to the PoS network and the upgrade is expected to improve the scalability of the network but also reduce the carbon footprint. Along with the trial of the latest fork is, the activity of ETH-based applications is also increasing.
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