The cryptocurrency market persists in an indecisive state. Major digital assets have been cushioned between short-term bulls and bears. At the time of this report, the cryptocurrency market cap sits at $771.9 billion.
The leading digital currency Bitcoin has been fluctuating between bulls and bears and is currently valued at $34,226, a negative change of 0.84 percent in 24 hours.
Ethereum on the other hand took a bullish turn for the first time in two weeks, nearly clinching the $2,400 spot yesterday. The second leading digital asset however dived negatively on Monday by 2.52 percent to hold a position at $2,270.
The movement in the market so far is indicating slight resistance by some altcoins to BTC’s dominance. This view played out with the ETH short-term surge and the growing institutional investor interest in altcoins. Polkadot, Cardano, Ripple, and Polygon are being looked into by more retail investors.
Polkadot declined by 2.73 percent to be valued at $15.45. Cardano went down by 1.2 percent, Binance Coin down by 1.9 percent, and Dogecoin by 3.45 percent. The collective value of stablecoins appears to have increased in contrast.
ETH London Fork Upgrade Approaches
Ethereum is evolving and there is a lot ongoing in the blockchain. The “seismic shift” of the network is incoming in the form of the London hard fork upgrade which would prepare the network for the ETH 2.0.
Ethereum is migrating to a proof-of-stake consensus from the current proof-of-work protocol; the London hard fork would encourage miners to move to stake. The core feature of Ethereum’s London update is known as EIP 1559 and would eliminate high gas fees, encourage scalability and improve the ecosystem.
