As the weekend approaches, the cryptocurrency markets are barely changing

After losing value all day yesterday and for most of the weekCryptocurrency markets are still showing little change on Friday. With a gain of 1.94% compared to the previous day, the market capitalization of all cryptocurrencies is now $920 billion. Ethereum is back above the $1,300 support level, and Bitcoin is currently trading at $19,000. Let’s examine the latest news that is important to prices today.

Basic notes:

  • With Bitcoin and Ethereum prices continuing to move sideways on Friday, the cryptocurrency market is mostly unchanged.
  • Some analysts claim that the bear market is coming to an end and may only last for two to three months.
  • Many projects focus on staying innovative and preparing for the next bull run by taking advantage of the opportunity presented by lower volatility.
  • Environmentally friendly measures, such as the SBC protocol for Bitcoin and the Ethereum merger, appear to be the subject of crypto assets.

Bitcoin news update

Bitcoin still holds the $19K support level, which indicates a very strong resilience to volatility despite the low volume and overall bearish mood. according to Cointelegraph ReportThe bitcoin bear market will only last for two to three months at most, after which recovery efforts are likely to begin.

Although several on-chain data suggest that Bitcoin may have bottomed, the bottom cannot be called until we see several weeks of bullish momentum.

While a bear market results in losses for investors, projects benefit from a recession because it gives them time and breathing room to innovate and prepare for a bull market. Developing a Bitcoin protocol that benefits the environment is the goal of some projects. When it comes to turning blockchain and cryptocurrency assets into an environmentally friendly technology, the Ethereum incorporation is the perfect positive step.

Ethereum market reaction ahead of the weekend

In addition, according to a Coindesk ReportEthereum has become a deflationary asset, which indicates that in the long run (months to years), we could see significant growth in the price of Ethereum compared to other crypto assets.

While Ethereum has lagged behind BTC over the past few weeks, ETH has outperformed BTC today in terms of price action. The most valuable cryptocurrency on the market, Ethereum, may surpass Bitcoin in market capitalization next year.

If the price of Ethereum doubles to $2,600 from its current market capitalization of $160 billion, it will be very close to Bitcoin’s market cap of $370 billion. Although such a rise in the price of Ethereum is questionable, it is not entirely out of the question.

Today’s cryptocurrency trading volume is basically unchanged, with Bitcoin down 2% and Ethereum up 8%. At $923 billion, the cryptocurrency market cap is still below the $1 trillion mark, indicating a bearish outlook.

While the absence of bullish price action may seem a bearish sign, it is important to remember that cryptocurrency prices are also showing much less volatility than they did earlier this year. A decrease in volatility indicates that the market is stabilizing and may be bottoming.

Disclosure: This is not business or investment advice. Always do your research before buying any cryptocurrency or investing in any project.

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