What is happening to the price of bitcoin? From the Coinmotion Observatory of Criptoactivos they affirm that the most famous cryptocurrency is taking flight. This was indicated, from Spain, through an analysis they shared with Cointelegraph in Spanish.
“Bitcoin has returned to show signs of reactivation and has exceeded $ 50,000. Yes, the queen of cryptocurrencies, bitcoin takes flight after a few months of June and July, with declines close to 20%. However, now, we have to see how strong the bull market is and if we will still see new peaks before the end of the year. Although it is possible that the behavior of the price oscillates in one direction or another by several thousand dollars, it can be said that bitcoin has at least great potential to continue climbing towards new positions ”, they pointed out.
In this context, and with a view to the second half of the year, from the Coinmtion Observatory of Cryptoactives, they reviewed some news that has occurred during the boreal summer in the crypto universe.
Cryptocurrency prices rise again
“The price of bitcoin has exceeded $ 44,000 thousand in recent days, a level that has not been seen since May. This movement seems, at least for now, to have changed the course, since a downward trend has dominated the markets since the first highs of April “, they remarked
“The prices of other cryptocurrencies have also risen in the wake of bitcoin. According to statistics from Coinmarketcap, the world’s second largest cryptocurrency project, Ethereum, has increased its market value by more than 20% in just one week. Many smaller cryptocurrencies have also seen a daily rise ranging from more than 5% to double digits, ”they added.
They also stated that the recent rise has caused industry experts and analysts to express cautiously optimistic views on the possible return of a longer bullish rally. However, they remember that the risk of future corrective moves is also still present.
Activating the Ethereum fork
The much-discussed hard fork update on the Ethereum network has finally gone live. The update dubbed “London” was activated on the network, so the transaction fees and other parameters underwent significant changes.
“The new update is intended to lower Ethereum inflation by consuming more funds in circulation with each transfer, as well as to make transaction fees more predictable. During the spring of last year, Ethereum transaction fees reached a record high, making it difficult to use the cryptocurrency. The update also alters Ethereum’s reward structure, reducing miners’ income and gradually increasing the level of difficulty of mining, ”they detailed.
“The London update is considered an important milestone in the transition from Ethereum to Ethereum 2.0, which is scheduled to end in 2022. The consensus mechanism of that network will change from proof-of-work to proof-of-stake. In addition, problems related to high power consumption and scaling will be solved ”, they added.
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