© Reuters
Investing.com – Maintains trading above the $30,000 level after dropping earlier in the week and Bitcoin managed to rise by 8.74% in the past week, but the most exciting fact was that Ethereum outperformed Bitcoin and attracted a lot of attention after the Shanghai upgrade “Chabela”.
Read also |
A currency that is superior to Bitcoin
Today, Ethereum is trading at $2,093.88, down by 0.16%, after achieving a weekly profit of 13.86%. Michael Safai, managing partner at financial services firm Dexterity Capital, said that Bitcoin (BTC), the largest digital currency by market capitalization, is stable and mundane. But that’s a good thing. But now it’s becoming a boring old grandpa,” noting why bitcoin’s rise may be due to its simple and familiar story during these uncertain economic times, as an electronic safe haven.
But he went on to say that the truth is that Ethereum, the second largest cryptocurrency by capitalization, is now more exciting.
Ethereum underwent the Shanghai upgrade last Wednesday and the blockchain upgrade raised questions about whether there will be a major sell-off. Instead, the price of ETH surged above $2,000 two days after the long-anticipated upgrade, beating out bitcoin in options trading, for the first time this year.
While the upgrade allows users to withdraw the ETH they’ve accumulated (as well as reducing fees and opening up space on the blockchain for more transactions), Safai noted that “a lot of things happen” with ether, including claims by US government officials who say it’s safe and should be regulated. That way.
On the other hand, he said, Bitcoin avoids “the chaos of all investigations.” For now, at least, the US Securities and Exchange Commission seems comfortable treating bitcoin as a commodity, as opposed to its view of ether.
“With the upgrade of Ethereum, the rules of the game have just changed,” Safai said. This may also be the reason why there is excitement in the markets by users.
“We are seeing more activity on the options side and I expect that to continue,” he said.
Market capitalization fell to $1.27 trillion
Read also |
other currencies
The Binance Coin is up 4.75% to $347.99 now, while it is down 1.15% to $0.4482 per symbol, while Coin is trading at $0.90083, up by 1.28%.
Here is the latest bitcoin price movement in the last trading week.
Other markets and the Fed
It is noteworthy that the US dollar rose 0.59% in last Friday’s trading, after the personal sales data and investors’ pricing of the Fed’s interest rate hike in the May and June meetings, which dropped gold and indices. Next week awaits many data that may help determine the Fed’s direction in the upcoming May meeting, as well as determine the movement of the markets.
For the most important events of the week:
