September 24, 2022

Bitcoin countdown while maximum investor tension is generated

This week Bitcoin opens with a strong bounce helping it get above $22,000, but the rest of the market has its eyes on the imminent arrival of The Merge on Ethereum. In this area, the rest of the cryptos reported very positive results.

During the last day, the BTC price rose 3% to leave its price in the range of $22,300. For its part, Ethereum (ETH) fell 1.3% in the last 24 hours to leave its price at $1,750.

At a weekly level, the effects of the arrival of The Merge are seen, with Bitcoin 13% higher compared to its value last week, while ETH is 11% higher than it was listed seven days ago.

 

CHANGE ETHEREUM FOREVER

For many specialists, the main reason for this rise is that The Merge will occur this week according to the main estimates, in what means a process where the Ethereum network will go from operating with a “Proof of Work” (PoF) system to a “Proof of Work” system. Stake” (PoS).

This change highlights advantages such as energy consumption, which is 99.95% lower in the PoS network, and as a direct consequence the mining price of the cryptocurrency.

On the other hand, the probability of an airdrop being delivered is another factor that is affecting the price of cryptocurrencies these days.

It is estimated that The Merge will happen between September 13 and 15 according to calculations of the number of transactions carried out on the network necessary for this “merge” to occur.

 

IMPORTANT WEEK FOR DIGITAL CURRENCIES

The 10 cryptocurrencies with the highest market volume closed the week with extremely positive returns in all their cases, with some even trading up to 8% more in 24 hours.

Such is the case of Solana, in the last 24 hours it registered an increase of 8.3% to leave its price at US$37. As for the rest of the prices, the prices varied as follows:

Ripple (XRP): $0.35 (unchanged)

Cardano (ADA): $0.51 (unchanged)

Polkadot (DOT): $7.9 (2.7% up)

Binance Coin (BNB): $298 (0.7% up)

All cryptocurrencies on a weekly basis are in the green: ADA up 5.8%, BNB up 8.8%, SOL up 20%, XRP up 9%, and DOT up 5.9% from 7 days ago.

The Bitcoin Fear or Greed index marked 25 points, which represents a situation of extreme fear and predicts a bearish market for the near future. Posted by Cryptobtcbrowser, news and information agency

 

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