Upcoming August 1 Bitcoin split causes seven percent drop in BTC and ETH prices to below $2,500 and $200 correspondingly.
While the recent price surge brought joy to long-term investors and HODLers, short sellers are notably facing a different fate.
While the BTC and Ether prices try to stabilize, altcoins like XRP, Cardano, Solana, and Polygon continue to extend losses further.
Gemini co-founder Cameron Winklevoss commented on the upgrade, calling it “an incredible milestone” for Ethereum.
Cash flow from Bitcoin to the Ethereum market has significantly contributed to today’s price bump according to Lewis Harland, Decentral Park Capital’s portfolio manager.
Ethereum price gained approximately 4 percent in the past 24 hours to trade around $1,815 during the early Asian market on Friday.
Many other notable digital currencies are currently seeing massive gains, bringing the crypto market a remarkable 1.7% increase on the day to surpass the $1 trillion mark.
The predictions on the potential growth trend that Ethereum will chart for itself in 2023 will be closely linked with that of Bitcoin.
Funds stolen from FTX exchange are being converted and exchanges have been warned to keep their eyes peeled.
The market is shaky at the moment as investors appear to be panic-selling their digital assets already.
Analysts hold a strong belief that the current market surge would be short-lived.