Key Takeawys
- Bitcoin price reaches $45,000 and may close the day at $46,000.
- Dogecoin gains 14% but loses 1.56 percent to reach $0.26.
- After the London fork, Ethereum skyrocketed to 3000k+ and now trades over $3,120.
- Charles Hoskinson predicts the success of Ethereum.
Bitcoin, the world's biggest cryptocurrency, momentarily exceeded $45,000 this morning, reaching a 24-hour high of $45,241, according to CoinGecko statistics. It is currently valued at $44,733, a 3% increase from yesterday.
According to Glassnode, investors who have kept Bitcoin for more than a year are less interested in selling their assets than those who have held the digital currency for three to six months. Its dataset covers when Bitcoin fell from about $65,000 on April 14 to roughly $44,000 on Monday.
And Dogecoin's price has risen 22% in the last week and 14% in the last 24 hours to trade at $0.26. A few days ago, Dogecoin gained 12.8 percent overnight and reached a price of $0.22. Last month, the price of the world's favorite meme currency was mainly down. But it then seemed to be beginning an uncertain climb back up, though it is still a long way from its all-time high of $0.73 in early May.
In their most recent study, data aggregation site The Tie and trading platform eToro examined how tweets from Musk and MicroStrategy CEO Michael Saylor impacted the price of Bitcoin and Dogecoin while they were tweeting about each asset.
The study focused on three specific phenomena: average return per tweet, tweet volume per tweet, and investor mood after each tweet.
Dogecoin is still down 64% from its all-time high of $0.73 on May 8. The currency became viral earlier this year when celebrities like Elon Musk, Snoop Dogg, and Gene Simmons pushed it on Twitter and TikTok influencers claimed it would travel to the moon.
The remainder of the crypto market did not move much, signaling the end—or at least an interlude—of the previous week's euphoric surge.
Among the biggest cryptocurrencies, Ethereum led the charge, gaining 22% this week to $3,110. After the London Hard Fork went live on Thursday, Ethereum was one of the top performances. Yesterday, the second-largest digital asset broke over $3,000 and hit a three-month high of $3,200. However, it has failed to continue rising and has retraced by more than $200 since the peak. ETH is now trading well below $3,200, down 0.59 percent.
One unintended consequence of the London improvement has been an increase in gas costs, or has it? According to Bitinfocharts, average Ethereum transaction costs have risen by 70% in the last several days to $15.
Ethereum ecosystem researcher "trent.eth" [@trent vanepps] stated that there had been a lot of network congestion owing to NFT dips, exchanges blocking transactions during upgrades, miners setting low gas limits, and general ETH market volatility.
Meanwhile, Charles Hoskinson, the creator of the proof-of-stake platform Cardano, predicted a bright future for Ethereum in an interview with Bloomberg.
One of the project's co-founders, the American entrepreneur, thinks it will continue to evolve and reach a peak by the beginning of 2023.
He suggested, however, that Ethereum's success will be due to Vitalik Buterin's youth and riches rather than the technology itself. Furthermore, assistance from big companies and wealthy individuals would be advantageous to the growth.
What do you think Bitcoin's next price will be?
