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LDO Outperforms, MATIC Rises By 65% While Ethereum Gains Momentum

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Ethereum

As markets responded to Shadow Fork 9’s announcement, ETH was back in the green. Ethereum is currently regaining ground and progressing due to the favorable market situation. 

At the same time, some other altcoins are doing well on the weekly chart, such as Polygon (MATIC) and Lido DAO (LDO), which have seen considerable price increases over the last week and in the previous 24 hours as well.

Related Reading |  TA: Bitcoin Price Eyes Fresh Increase To $22K, Why Dips Remain Supported

Only a few of the top 100 cryptocurrencies have been able to generate double-digit gains, and the rest are still suffering from the effects of the merciless crypto storm. One of them is Polygon (MATIC), which demonstrated a sizable gain.

Per the CoinGecko statistics, MATIC is currently trading at $0.91, up almost 19.88% over the past 24 hours and a notable 65% gain over the last seven days. After Disney revealed that Polygon (MATIC) had been chosen for its “Accelerator Program,” the price of the coin increased quickly. 

The list also includes Lido DAO (LDO), which has experienced a significant gain. The decentralized autonomous organization’s governance token, LDO, outperformed over the last seven days with a remarkable increase of 167%. Its current price is $1.68, with an upward thrust of 6.1%throughout the previous 24 hours.

Even though LDO was able to recover its losses from the June decline, in which it fell to a low of roughly $0.432899, it yet hasn’t found the support it needs to climb back to the May high of $3.3816.

ETH is currently trading at $1481 on the daily chart | Source: ETHUSDT From Tradingview

Ethereum(ETH) Is On A Comeback Rally

Ethereum (ETH), the second largest coin, has recently crossed the $1,400 threshold. It has gained 9.31% over the previous 24 hours and is currently trading at $1,482.01. The currency has increased by around 29.32% over the past seven days, according to CoinMarketCap, and is thus gaining momentum.

According to nomics data, ETH’s overall market cap increased by 8.78% over the last 24 hours to $179.11 billion. However, the price increase occurred after a week of poor performance and unfavorable market circumstances.

Although, the specific cause is unknown. The fact is that the price spike occurred right after the ninth shadow fork’s introduction on July 14. It implies that the price spike may be caused by the rising popularity of Ethereum and its impending “Merge” to Proof-of-Stake.

Related Reading | Preference For Ripple XRP Surges Among BSC Whales

The Merge was covered during the most recent Consensus Layer Call of the Ethereum Foundation, which took place on Thursday. Tim Beiko, an Ethereum Foundation member, proposed September 19 as a tentative launch date, providing the most unambiguous indication that the Merge would happen soon.

The merge upgrade combines Ethereum’s consensus and execution layers to switch the network from Proof-of-Work to Proof-of-Stake. It is anticipated to cut the network’s energy use by 99.95%, but it won’t necessarily result in lower transaction fees (gas).

                   Featured image from Flickr, chart from Tradingview.com
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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

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Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.

With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.

US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.

President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.

In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.

The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.

The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.

Cryptocurrency market trends downwards | Source: Crypto Total Market Cap on TradingView.com

Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.

Crypto Market Followed An Uptrend

In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.

In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.

While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.

But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.

Featured image from Phemex, Chart from TradingView.com
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Ethereum (ETH) Price Rallies in Anticipation of Upcoming Merge

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Ethereum Classic Price Rallies Than Ethereum