Hassan Maishera
TL;DR
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Bitcoin has set another all-time high at $73k after adding more than 1% to its value on Tuesday.
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Ether continues to trade above the $4k level ahead of the Ethereum blockchain’s Dencun upgrade.
BTC Sets Another New All-time High
Another day, another new all-time high for Bitcoin. BTC performed well on Tuesday, adding more than 1% to its value to reach a new all-time high. Bitcoin traded around the $73k region on Tuesday before crashing to the $69k.
It has now recovered and is currently trading at $71,969 per coin. Bitcoin's sudden dip from its all-time highs was quickly bought up. However, altcoins are still lagging and have yet to recover from the dip.
Data obtained from Coinglass showed that the sudden burst of volatility liquidated $360 million of leveraged derivatives positions across all cryptocurrencies. With BTC still trading above $70k per coin, the total cryptocurrency market cap remains above $2.7 trillion.
Ether Trades Above $4k Ahead of the Dencun Upgrade
The Ethereum network is set to undergo the Dencun upgrade in a few hours. The upgrade will result in cheaper fees for the growing array of layer-2 networks that operate on top of Ethereum.
Dencun consists of two upgrades happening simultaneously on Ethereum’s consensus and execution layers and is expected to initiate around 13:55 UTC (9:55 a.m. ET).
Ether continues to trade above the $4k level ahead of the upgrade. At press time, ETH is trading at $4,039 per coin, up by less than 1% in the last 24 hours. Ether’s performance correlates with that of BTC as both coins are up by 13% in the last seven days.
Despite the significance of the Dencun upgrade, some market experts believe that it wouldn’t have an impact on Ether’s price. Ruslan Lienkha, chief of markets at YouHodler told Cryptowisser that,
“I don't think this upgrade will significantly impact ETH's price in the short term, but we may notice an increase in activity on the blockchain. At the same time, I expect ETH's price to grow in the long term because the upgrade will make ETH much more valuable in the growing competition of new innovative layer 1 blockchain projects. Lowered commissions and faster transactions will help ETH remain the number-one solution in the crypto industry.”
