Under the context that London’s hard fork is going to go live soon, it seems that ETH is experiencing a massive influx of institutional investors. As noted by Eric Anziani, CEO of Crypto.com, this upgrade would burn down the high transaction fees and bring down the inflation rate of the blockchain. At the moment, ETH is trending at $3.910.6, which is only a little shy of the much anticipated $4K mark.
Is Bitcoin Rapidly Recovering from the Recent Market Shock?
Forty-eight hours ago, Bitcoin price took an unexpected dip and dropped down to the $55K support range. Taking advantage of the massive Bitcoin options expirations, bears hijacked the market for a brief moment and drove the prices to very low positions. However, in the last 24 hours, the Bitcoin price mark has started to show positive signs once again. The flagship cryptocurrency managed to get reinstated at $59,600, but it remained volatile and has not overtaken $60K thus far.
There have been speculations in the market that Ethereum would eventually supersede the leading coin. However, the leap between the two seems too wide for this transition to happen in a short amount of time. Since Bitcoin has managed to pull back 2% into its price slab, the market capitalization has managed to reclaim some solid ground.
Altcoin Season Advocates have Started to Get back the Positive Evaluation
According to analysts and experts, Ethereum is leading the upcoming altcoin season. After getting a 9.17% gain in daily gains, it is en route to shrink the gap between the gold and the silver cryptocurrency. Meanwhile, Cardano (ADA) placed itself as the 7th top cryptocurrency by scoring a new ATH of $1.73 on Bitstamp. Binance Coin is also up by 3.5%, getting valued at $650.
While Bitcoin and Dogecoin are continuing on a slumping mode, some new faces in the crypto market like the Shiba Inu coin- a new canine-inspired coin has gotten up by 160% since yesterday. Other noteworthy participants of the altcoin rally are Telcom with 32%, Bitcoin Diamond (16%), Venus (13%), Qtum (10%), and Polygon (28%) gains during the same time frame.