How Summer Is Turning Into A Short-Lived Altcoin Season

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	397,455,569,405	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

397,455,569,405

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	58.84	1.81%	3,310.95	3,310.97	3,310.98

Price Change

Price Change %

Current Price

Bid Price

Offer

58.84

1.81%

3,310.95

3,310.97

3,310.98

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,327.93	3,239.72	3,254.47	3,252.11	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,327.93

3,239.72

3,254.47

3,252.11

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:42:42	0.045038	3,310.96	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:42:42

0.045038

3,310.96

USD

Price x Volume	Volume	Base Symbol	Related Pairs
71,823,822.77	21,835.31	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

71,823,822.77

21,835.31

How Summer Is Turning Into A Short-Lived Altcoin Season

02/08/2022 9:54pm

NEWSBTC

Ethereum Classic (ETC), Filecoin (FIL), and Lido DAO (LIDO) have been dominating the altcoin sector as they outperform Bitcoin and other large cryptocurrencies. The first crypto by market cap has been recording its best month in 2022 but is still far from the monthly average return from these tokens. According to Arcane Research, altcoins have seen an average of 40% performance over the past month as the crypto market experienced a “classic relief rally”. July has been a historical green month for digital assets. During this period, the nascent asset class has seen the expansion of two critical sectors, decentralized finances (DeFi) and non-fungible tokens (NFTs). As seen below, the rally has been particularly positive for mid-cap cryptocurrencies. This market rally has translated into a reduction of Bitcoin and stablecoins market share, suggesting an increase in risk appetite for crypto investors, and more strength for Ethereum. Arcane Research noted: Ether’s lack of strength relative to bitcoin last week has been reversed this week, as ether has increased its market share by 0.43 percentage points, while bitcoin has lost 0.22 percentage points. Notably, bitcoin and stablecoin are losing market share this week (…). Ethereum might be critical for understanding the current price action. The cryptocurrency has a tentative deployment date for “The Merge”, the event that will combine its execution layer (Proof-of-Work) with its consensus layer (Proof-of-Stake). Altcoins, such as Lido Dao and Ethereum Classic, might benefit from the imminent shift in this blockchain. The former cryptocurrency has rallied because more users want to stake their ETH and participate in Ethereum (2.0) consensus model to receive rewards. Ethereum Classic has seen positive performance because it might become a safe haven for ETH miners. This sector faces inevitable destruction as ETH’s new consensus model will validate transactions with a different mechanism. Will The Merge Provide Altcoins With Further Bullish Momentum In that sense, and up to “The Merge” mainnet launch, altcoins might continue to extend their bullish trajectory. Data from a pseudonym user highlights the importance of this event and why it might inject fresh capital into this ecosystem further driving the price of Ethereum and the altcoin sector. The user claims this cryptocurrency will become Environmental, Social, and Governance (ESG) friendly. This will provide new institutions with the confidence to bet on Ethereum’s long-term success. The user said: No matter your personal thoughts on ESG, if you want mainstream cryptoasset adoption controlling the narrative around emissions and sustainability is essential. Bitcoin has decided to ignore the issue; Ethereum unlatching itself from PoW should be a positive for both assets.

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ETHUSD Ethereum