Bitcoin Price Prediction as $10 Billion Trading Volume Comes In – Where is BTC Heading Now?
Bitcoin and Ethereum, two of the largest digital currencies, have been making headlines lately as their values continue to rise. It has recently surpassed the $30,000 mark, while Ethereum, which is the second-largest cryptocurrency globally, has reached a multi-month high of $2,000.
Ethereum (ETH) has experienced a surge in price following the successful execution of the Shanghai and Capella (Shapella) upgrades. This bullish sentiment has driven the price of Ether to reach a year-to-date high of $2,123 on April 14.
The Ethereum decentralized finance (DeFi) ecosystem has experienced a 30% spike in daily fees as a result of the update, which has led to the Ethereum proof of stake (PoS) token economics becoming deflationary. This has caused a 32% increase in revenue in the past 24 hours.
Thus, the successful upgrade and positive growth in the DeFi ecosystem have contributed to the rise in ETH prices. However, there are still concerns about regulation and privacy that could impact the cryptocurrency's value in the future.
Despite some withdrawals from the Ethereum ecosystem, there has been an uptick in Ether staking deposits, indicating positive signs for the future of Ethereum.
Moreover, the reduction in the gap between the average staked price and the current Ether price means that a majority of Ethereum ecosystem stakes may soon be in profit.
Both Bitcoin and Ether prices are up, but Ether is gaining dominance versus Bitcoin and altcoins. However, some analysts believe that an Ether price dip is still possible due to factors such as potential U.S. industry crackdown and inflation-caused interest rate hikes.
It is worth mentioning that the FedWatch tool still expects the Federal Reserve to raise interest rates at the May 3 Fed
Read more on cryptonews.com
