Wednesday, December 8

Bitcoin approaches $ 62,000 as the market looks to Ethereum

As for the rest of altcoins, Ethereum slightly to $ 4,488 after hitting its high this week of $ 4,602. The last week’s gains for the number two cryptocurrency in market capitalization are around 15%, thanks to optimism around its transition to Ethereum 2.0.

In terms of total capitalization, it remains at an all-time high, almost at $ 2.8 trillion., thanks to the increases in the Binance Coin, the ripple, Solana or Polkadot, which advanced more than 20% in the last seven days. For its part, Shiba Inu drops to 11th place and falls 22%.

Still, experts hope investors will digest the Fed’s message, as the US central bank’s money printing machine was the driver behind buying into risky assets like Bitcoin. Central bank tapering can lead to a decline in investments in the cryptocurrency market.

At the moment, it is striking that trading volume on the Bitcoin spot market continued to decline despite the price rally in the last month. In fact, the seven-day average is down nearly $ 1 billion from the previous week, according to data compiled by Arcane Research.

“Trading volume has declined substantially since bitcoin hit its all-time high on October 20, but it should rise sharply if bitcoin again challenges its all-time high soon,” Arcane wrote in a report Wednesday.

Experts have not yet given up hope that new all-time highs will be seen again before the end of the year. Without going any further, the experts of JP Morgan believe that alternative assets, including cryptocurrencies, “They should continue to outperform in 2022.” A price target of $ 73,000 seems reasonable, they say, if relative volatility continues into next year.