Altcoin Prices End Week High Following Friday Bad start.
Several top 100 coins registered significant increases compared to seven days ago, with most Cryptocurrency Since the start of the week, it has risen three days in a row and fallen for two days in a row. However, Friday’s market saw more volatile trading than the previous 48 hours.
etc to US dollar
Ethereum Classic prices skyrocket
Ethereum Classic ((etc) It exploded about 60% from a week ago. (All numbers are based on CoinMarketCap data.)
ETC profits fuel investor enthusiasm for Ethereum’s next hard fork, known as a merge, where the blockchain transforms from a Proof of Work (POW) mechanism to a Proof of Stake (POS) crypto mining mechanism. seemed to reflect the Very energy intensive.
Merge merges Ethereum’s main network with BeaconChain. The merger is expected to be completed in September.
ethereum To US dollars
Fierce debate to increase sparks
ETC was Ethereum’s original coin before the 2016 blockchain hard fork.((ETH)
Became the top cryptocurrency in the network.Ethereum Classic surge ahead of merge There was a heated debate among investors about its long-term value..
After the merge, crypto miners can still create and sell ETC through the POW mechanism.
ETC was strengthened this week with a $ 10 million investment from AntPool, a mining pool affiliated with giant crypto miner Bitmain Technologies. (According to Investopedia, a mining pool is a group of miners that combine computational resources to increase the probability of finding blocks and mining more ciphers.)
BCH To US dollars
Some analysts are skeptical
However, some analysts are skeptical of ETC’s future.
“this [AntPool expenditure] Thomas Dunleavy, a senior analyst at cryptocurrency research firm Mesari, told Bloomberg: “Ethereum he doesn’t think Classic has long-term viability.”
Alex Benfield, a cryptocurrency analyst at Weiss Rating, believes ETC has risen, at least in part, because investors are indistinguishable from ether.
“In my opinion, many people confuse ETC with ETH, and many trading behaviors result from this kind of confusion,” Benfield told Capital.com.
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Ether is up about 13% for the week.
Mid-pack coins are making big profits
A few relatively unknown, half-baked coins also made big gains week after week.
oasis(Rose) rose about 30% on the day, before gaining about 51% as traditional markets closed in North America. On the other hand, Bitcoin Gold (BTG), Quantum (QTUM) And Raven Coin ()RVN) also increased by more than 40%
Synthesis (SNX) The coins of the day fell, but the strong week ended with a rise of about 33%. As Capital.com reported this weekEthereum also plays an important role in the production of synthetic.
Uni To US dollar
Bitcoin exceeds $ 24,000
Bitcoin ((Bitcoin) After regularly crossing that mark on Friday, ETH crossed $1,700 after finishing the week just below $24,000. Bloomberg reported that both coins are set to record their best monthly performance since 2021.
US Federal Reserve Board (FRB) A rate hike of 0.75% was then expected on wednesday. Some analysts believe the economic slowdown, which some analysts have dubbed a technological recession, will cause the Fed to ease rate hikes later this year, increasing incentives for investors to invest in risky assets such as cryptocurrencies. thinking about.
“Signs that the Fed may be nearing the end of its hiking cycle are lifting all risk assets, and cryptocurrencies are also benefiting,” said Cici Lu, CEO of consulting firm Venn Link Partners. he told Bloomberg.
“It looks like the liquidation of leveraged positions is over,” she added, “the market may have found a bottom.”
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