Ethereum Outpaced Bitcoin As Crypto Markets Thaw: Analysis
Ethereum outpaced Bitcoin as the crypto markets are slowly getting out of the crypto winter and the seven-day price action remained positive for most altcoins as we can see today in our altcoin latest news.
Companies are doing everything in their power to stay solvent in the crypto winter and they started with firing employees, cutting spending, and filings for bankruptcy but these conditions were not able to prevent markets from warming over the past week. BTC increased 8% in the past week to $22,337 but the world’s favorite cryptocurrency was outperformed by ETH which increased 27% in one day. The anticipation for Ethereum’s upcomign network upgrade or the Merge seems to have driven the growth but Ethereum Classic also surged 80% in one week. Some buyers are looking to the future and others are feeling nostalgia.
Other blockchains with high functionality smart contracts did well as well. Solana increased by 9%, Cardano rallied by 10%, DOT increased by 9%, and NEAR surged by 25%. other notable rallies for the week included Chainlink which is up by 9% and Cronos as well increasing by 9% to reach $0.12. even as the markets warmed, the signs remained that the crypto winter is still here. Last week, Celsius joined fellow lender Voyager and Three Arrows Capital in filing for bankruptcy after weeks of insolvency rumors and we also saw Zipmex becoming the latest to halt the withdrawals right after Celsius and Vauld.
The hedge fund affiliated with Anthony Scaramucci’s Skybridge Capital Legion Strategies owns stock in FTX and about 10% of the fund’s $230 million worth of the assets that were held under management are cryptocurrencies. Blockchain.com joined the ranks of OpenSea, Coinbase, and Gemini by announcing mass layoffs that include shuttign down Argentinean operations and halting the expansion plans. Coinbase announced it will also shut down the company’s US affiliate marketing program and will lower costs.
The electric car manufacturer Tesla sold 75% of its BTC which was worth $936 million and the company also invested $1.5 billion in BTC. Elon Musk also noted that Tesla still holds all of its DOGE which was up by 6% in one week. The EU central bank announced that interest rates will increase by 0.5% as the bloc tried to stem the inflation which reached 8.5% in June. It also spells the end of the -0.5% negative interest rates that were offered by the ECB in 2014. the prices of the leading cryptocurrencies all took a smaller hit on the news but it seems that Ethereum outpaced Bitcoin shortly after.