It has now doubled from the low point in June at the time of the explosion of various crypto lending platforms. For analysts, Ethereum’s momentum is given from the merger. This is a fundamental restructuring of Ethereum that turns it into a proof-of-work-proof-of-stake mechanism. This will reduce power consumption by 99.9% and will be a platform for future upgrades.
Major indices such as the Nasdaq, S&P 500 and Dow Jones lost 5% and 15% over the past three weeks. In this scenario, cryptocurrencies would only be poised to outperform “when the stock bottoms out,” said Mike McGlone, an analyst at Bloomberg Intelligence.
“The bear market of 2022 has historically been negative for the digital asset space,” the analysts wrote in a note, however, “after such a sustained period of risk-off sentiment, attention has turned to whether this One is the beginning of a relief rally or sustained bullish momentum in a bear market.”
Nevertheless, while the cryptocurrencies have recovered, they are still well below their highs at the end of last year.
Katie Stockton, founder and managing partner of Fairlead Strategies, a research firm, said, “Cryptocurrencies tend to have higher volatility, so they are riskier, and it makes sense that investors need to rebuild confidence after experiencing a downdraft. will be required.” on technical analysis.
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