Bitcoin, up 2.10% to 60.18 million won
Ethereum is also close to exceeding 3.3 million won… Upgrade Impact
Bitcoin, the leading cryptocurrency, regained 60 million won in just over a month. The 60 million won range has been in the 25 days since the 12th of last month. Investment confidence appears to have recovered as the Standard & Poor’s (S&P) 500, one of the representative indices of the New York Stock Exchange, closed at an all-time high.
As of 8:40 a.m. on the 8th, Bitcoin recorded 60.18 million won on Bithumb, a domestic virtual asset exchange, up 2.10% from 24 hours ago. At the same time, it was traded at 60.22 million won on Upbit, up 2.02%. CoinMarketCap, a virtual asset market relay site, showed $44,298, up 2.79% from 24 hours ago.
Ethereum, the leading altcoin, is also expected to surpass 3.3 million won in just over a month. At the same time, Ethereum recorded 3.29 million won, up 1.73% on Bithumb, and 3.29 million won on Upbit, up 1.42%. On CoinMarketCap, it was traded at $2,423, up 2.13%. Ethereum is an altcoin (alternative coin), an alternative virtual asset other than Bitcoin. Its market capitalization is the second largest after Bitcoin.
The market gained vitality as major stocks rose one after another on this day. This is interpreted as the effect of the S&P 500 index rising to 4,999.89 during the day. Analysis suggests that investment sentiment toward risky assets such as Bitcoin has revived as companies have reported good performance and eased concerns about an economic recession even while the U.S. Federal Reserve (Fed) has lowered expectations of interest rate cuts.
If the S&P 500 index breaks through the 5,000 line, it will break the ‘big figure’ again 2 years and 10 months after it broke through the 4,000 line in April 2021.
Ethereum rose on the news of the upgrade. According to The Block on the 7th (local time), the Ethereum Dencoon upgrade was carried out on Holesky, the last testnet. This is a large-scale upgrade that includes optimizing Ethereum fees and improving network security.
The Dencoon Upgrade Mainnet deployment date will be decided at the Ethereum All Core Developer Meeting.
Meanwhile, the fear and greed index compiled by Alternative, a global virtual asset data research company, recorded 66 points on this day, indicating a ‘greed’ level. This figure is lower than the previous day (62, greed). The closer the index is to 0, the closer the market sentiment is to extreme fear, and the closer it is to 100, the more extreme optimism it is.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.