Ether, the second-largest cryptocurrency by market capitalization, has reached an 11-month high of $2,141 on Sunday, and is currently holding above $2,000. The cryptocurrency’s upward movement comes after the Ethereum blockchain’s Shanghai software upgrade last week, although some analysts believe that ether’s price jump is more of a response to macroeconomic conditions. Meanwhile, the world’s largest cryptocurrency by market value, Bitcoin, lost 2% in the past 24 hours to fall below $30,000. Avalanche’s AVAX led gains on Monday, up 7% in the past 24 hours, after financial institutions T. Rowe Price, WisdomTree, Wellington Management, and Cumberland joined Avalanche’s “subnet” called “Spruce” to make trade execution and settlements more efficient.
Basketball legend Shaquille O’Neal has been served in a class-action lawsuit against FTX founder Sam Bankman-Fried. The lawsuit alleges that O’Neal and other celebrities, including “Shark Tank” host Kevin O’Leary, football star Tom Brady, and basketball player Steph Curry, promoted a “fraudulent scheme.” When crypto exchange FTX had collapsed, O’Neal had said, “I was just a paid spokesperson for a commercial.”
Bitcoin’s price surge is closely following its early 2019 surge, and according to Vetle Lunde, a senior analyst at K33 Research, its price could peak at around $45,000 next month. The cryptocurrency has soared 80% this year, beating traditional risky assets, including the tech-heavy Nasdaq index, by a wide margin. The rally comes after a 12-month decline when prices fell 76% and bottomed out in November 2022. The drop and subsequent recovery are analogous to the pattern seen in the 2018-19 bear market in terms of length and trajectory, according to Lunde.
According to IntoTheBlock, more than 70% of addresses holding ether are in the money, having acquired coins at an average price lower than the cryptocurrency’s going market rate of $2,090. The focus now shifts to the $2,365-$2,430 price range, where many addresses have traded the cryptocurrency, according to Pedro Negron, a junior research analyst at IntoTheBlock. Ether rose past $2,100 last week, hitting its highest point since May 2022.
In conclusion, the cryptocurrency market is experiencing a mixed bag of results, with ether reaching an 11-month high while Bitcoin struggles to maintain its value. The ongoing class-action lawsuit involving FTX’s founder and several celebrities, including Shaquille O’Neal, is also worth keeping an eye on. Meanwhile, analysts predict that Bitcoin’s price could peak at around $45,000 next month, and more than 70% of addresses holding ether are in the money. Overall, the cryptocurrency market remains volatile and unpredictable, and investors should exercise caution when entering this space.
