The tables seem to be about to shift once again. Ethereum has been the star of the show for some days now. It has even climbed to the $3,000 level and has hit a new record peak at that level.
This increase in ethereum's price seems to have been triggered by the lowering of the cryptocurrency's notoriously high gas fees. After the Berlin upgrade, the price of gas on the platform seems to have reduced, leading to an increase of activities on the platform which in turn drove up the price of the token.
Major Signals
- Ethereum's price shot up due to the Berlin upgrade.
- Bitcoin has been at the $56-$58,000 level.
- Traders choose to wait for Friday's long positions to expire.
- After this, they would be able to place bets again.
Bitcoin on the other hand has experienced almost no action. After its recent decline Utah's somewhat stabilized but has Sid actor $56k to $58k. It seems that the rally was over for the foremost cryptocurrency for a while.
As a result, some investors prefer to wait until Friday's CME futures expiration date before joining long BTC positions, as the price of the cryptocurrency has a tendency to adjust prior to the event in the past.
The European Investment Bank has launched a "digital bond" auction on the Ethereum platform, which has boosted the price of Ether. The EIB is issuing a two-year digital bond worth 100 million euros worth $120.8 million.
Besides that, JP Morgan conducted an analysis report last week claiming that owing to better liquidity and greater network activity, Ether should keep on going to outshine Bitcoin.
But after April 5, big Bitcoin addresses called whales began acquitting bitcoin. They seem to have gained around 90,000 BTC.
The BTC whale address, according to Santiment, is a crypto wallet with more than 10,000 Bitcoin. Whales have begun to accumulate in large quantities, according to the company, especially following BTC's all-time high on April 14. The overall amount of newly acquired Bitcoin is estimated to be around $4.92 billion.
Furthermore, whale addresses are moving the world’s largest digital currency in large amounts from leading digital exchanges to crypto wallets. Recently, Whale Alert reported the movement of 2,000 Bitcoin from cryptocurrency exchange Coinbase to crypto wallet Xapo. The total value of the mentioned transaction stands at around $110 million.
Conclusion
Bitcoin is more of a crypto asset than a currency, competing with gold as a store of value, while Ether is the cornerstone of the crypto-native economy, serving as a medium of exchange. Owning a piece of this future operation is more important in this case.
Question of the day
When do you think bitcoin prices will shot up again? Let us know in the comments.
