The recent news of the completion of the two year migration from proof of work to proof of stake has prompted conversation. Ethereum investors are questioning the potential impact of the distribution of 18 million ETH worth $34 billion to validators following the upgrade. Analysts believe that due to the limited number of withdrawal requests each day, the pricing effect in the short term will be minimal.
Ethereum’s debut on the market saw a 2.95% increase, reaching a trading price of $1,985.98 and a market capitalization of $239.22 billion. Growing competition for cryptocurrency custody is expected to cause more ETH to be locked up, drawing the attention of major institutions such as JPMorgan Chase. This could lead to an increase in prices over the long term.
Bitcoin’s Halving Cycle Bears a Striking Resemblance to Previous Cycles
Data suggests that the current Bitcoin BTC price fluctuations are following the same pattern as previous cycles. On Thursday, BTC saw a 0.72% growth, partially due to the Shapella upgrade. The block subsidy halving set for next year could be a major factor in the upcoming price rise, reducing the amount of BTC miners can create per block.
It is predicted that BTC/USD will go up by 70% by 2023, and the upcoming halving will act as a catalyst. This could potentially result in Bitcoin’s price reaching all-time highs, similar to what occurred during other cycles.
Big Eyes Coin Sees Significant Success
Big Eyes Coin, a cryptocurrency inspired by cats, raised an impressive $33.6 million during its presale. The Big Eyes Coin Platform offers a range of exciting features, including the BIG Comp, a contest which awarded two winners with $100K. Users can also take advantage of the Big Eyes Excali-Paw Chest and the BIG Loot Mintable OpenSea trading cards. Token holders believe that once the asset is released on the blockchain, its value will increase significantly.
Navigating the Current Crypto Market Trends
In the current cryptocurrency market, a portfolio with a mix of assets is essential. Bitcoin BTC (BTC) and Ethereum (ETH) are already considered commodities, but Big Eyes Coin (BIG) is slowly being recognized as a viable asset which can generate significant returns.
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