Light At The End Of The Tunnel? Bull Run For Bitcoin And Ethereum On The Horizon ⋆ ZyCrypto
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- Bitcoin and Ethereum may go uphill before the end of the year.
- Ethereum Merge could bring about a turnaround for ETH, carrying Bitcoin in its stride.
- Bitcoin enthusiasts and detractors express their views on both sides of the divide in community spaces.
Bitcoin (BTC) and Ethereum (ETH) are looking to pull away from the rest of the pack, and the signs look positive for the market leaders.
Crypto enthusiasts started the year with strong faith in a bull run that will push BTC past the record $64,000 mark. The dream turned into a nightmare as the market fell to new lows, leaving experts scratching their heads.
Bitcoin and Ethereum have always been the yardstick for many digital asset holders to determine whether the market is bullish or still bearish. However, this may be a false analysis, as altcoins may be on a steady rise, regardless of the big-ticket coins.
Amidst the market downturn, BTC has shown positives against all odds this week. The BTC price, currently at $20,602, gained 3% on Saturday and looked stable throughout the day. The daily trading volume of the leading asset also increased on most exchanges compared to last month’s average.
The price of Bitcoin has struggled over the past month, but it now appears to be breaking through new resistance levels as it has gained 13% over the past week. Bitcoin’s current rally is days away from the Ethereum Merge, when users were shocked that BTC is outperforming ETH in the market.
On the other hand, ETH is on the verge of a huge price rally after the merger. ETH, at $1,741, was down 4% on Monday, although it has gained 3% in the past week.
With the merger, the price of ETH could rise to a record high this year as investors are already eagerly anticipating the impact of the new stake consensus blockchain. With tech giants like Google already backing ETH, the coming months are expected to be quite exciting.
Can it go wrong?
With all the digital assets taking major hits this year, nothing seems certain anymore. The merger is considered a turning point for crypto, but it can still lead to unexpected problems.
Although the developers have been reassured after several tests, many traders are still wary. For BTC, this is not the first time the market leader has tried to break out, with users calling such efforts a “bull trap.”