On the day of the merger upgrade…Ethereum price stable and Bitcoin struggling around $20k level
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Answer On the day of the merger upgrade…Ethereum price stable and Bitcoin struggling around $20k level
The long-awaited Ethereum merge upgrade has finally arrived but it hasn’t brought any of the expected volatility, at least for the time being, as the price of Ethereum remains quiet around $1,600.
On the other hand, the bitcoin price fell below $20,000 in the past 24 hours and is now struggling to stay above that level.
Ethereum upgrade access without price fluctuations:
Perhaps the most anticipated event in the crypto space this year is the Ethereum consolidation which finally came hours ago when the Proof of Work mainnet merged with Proof of Stake Beacon Chain.
Despite the volatility expected by some, this massive shift has not yet affected the price of the cryptocurrency Ethereum.
Read:Bitcoin Drops to $18,000, Altcoins Lose $80 Billion
Ethereum price fell below $1600 yesterday, climbed below $1650 hours ago, and is now standing quietly around $1600 again.
Altcoins such as Ripple, Cardano, Dogecoin, Matic, and TRX appear slightly green, while Solana is up just over 1% on the day.
Interestingly, the price of Ethereum Classic was further affected by the merger upgrade as the coin price briefly touched $40 to decline and is trading at the time of this article at $37.
Despite the slight recovery from most altcoins, the total market value remained below the $1 trillion needed level.
Bitcoin drops below $20k again:
The primary cryptocurrency has struggled over the past few days after failing to continue its upward movement when it was halted at the $22,800 level.
After a price peak came the US CPI figures and pushed Bitcoin south.
In just a matter of hours, the price of Bitcoin dropped over $2,000 and was on the verge of crashing below $20,000.
Bitcoin price plunged to a 5-day low of $19,600, leading to nearly $200 million of liquidation.
Bitcoin bounced off this level and almost immediately regained $20,000.
Read:Bitcoin Whale Addresses Hit their Lowest Level in 29 Months…Details Here
Now, Bitcoin is fighting to stay above that line again.
However, the market capitalization of Bitcoin is still less than $400 billion, and its dominance over altcoins is less than 40%.
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