On Friday, the bitcoin market was trading well, although it is still consolidating. Bitcoin, the world’s most popular cryptocurrency, dropped slightly as it approached $40,000.
Bitcoin Prices
At 12:15 p.m., Bitcoin was trading at $39,771.31, down 0.79% from the previous day. Ether, on the other hand, was up more than 4.24% at $2,397.68. However, the increase in Ether pricing might be related to an impending upgrade. Moreover, the upgrade is a technological change that would drastically affect the mode of transactions.
Ether Surging
It will decrease the supply of Ether while dramatically increasing its price. The planned code overhaul will go online on August 4. Analysts informed news agency Reuters that the update, known as Ethereum Improvement Proposal 1559, is comparable to Bitcoin’s “halving” event.
Though Bitcoin remains the market leader in valuation in the digital coin ecosystem, Ether has emerged as a formidable challenger. Many analysts previously predicted that its value would skyrocket in the future.
CEO of Mudrex comments
Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto trading platform, commented on the cryptocurrency market, saying:
“The last 24 hours were yet another day of consolidation throughout the crypto markets.”
“Bitcoin, the most popular cryptocurrency, is seeing some resistance around the $40,000 mark. On the other side, Ether, the biggest Altcoin, appears to be comfy above the $2400 level. “ETH has seen a fantastic rise over the last ten days. However, volumes have decreased recently, which might suggest a trend reversal. Investors and traders should brace themselves for a wild weekend.”
The Market Chart
| Cryptocurrency | Price (US Dollar) | 24-hour change | Market cap (Billion) | Volume (24 Hours) |
| Bitcoin | 39,844.53 | -0.43% | $747.90 | $27.93 billion |
| Ether | 2,410.69 | 4.99% | $281.61 | $20.84 billion |
| Dogecoin | 0.206408 | 0.71% | $26.93 | $1.82 billion |
| Litecoin | 141.86 | 1.64% | $9.67 | $1.69 billion |
| XRP | 0.749678 | 6.13% | $74.96 | $4.21 billion |
| Cardano | 1.29 | 1.34% | $41.62 | $1.31 billion |
