Simon Peters, crypto asset analyst at multi-asset trading platform eToro, For this second week of April, he has shared with Cointelegraph en Español some comments on the current situation of the crypto-asset market, which in his opinion has been boiling since this morning, since two important milestones are about to take place in the space of two days.
On the one hand, Bitcoin has exceeded $30,000 for the first time since June of last year, and on the other, says Peters, the imminent update of Ethereum Shapella that has caused Ether to also move strongly, despite not having recovered the $2,000 still.
“If he succeeds, he will exceed that level for the first time since May of last year. However, a lot now depends on the reaction to the Shapella update.”Peters commented.
Bitcoin Surpasses $30,000
Regarding Bitcoin, the largest crypto asset in the world, Peters points out that it has surpassed $30,000 for the first time since June 2022, registering an increase of around 6% since the beginning of April, and around 46% during the last 30 days.
“It has been on an upward trajectory since reaching $15,400 in November of last year”he said, revealing that he believes that investors have turned bullish on cryptocurrency, even though the initial move was very timid, and as markets expect interest rates to stop rising in the US and across the board. the world.
“Bitcoin has been gaining momentum as investors digested the macroeconomic changes in the data. The next piece of data that the markets will pay attention to is US inflation, due out tomorrow. If inflation continues to recede, we could see some consolidation above $30,000. Currently, the price continues to oscillate around this milestone.”added Peters
Imminent Ethereum Shapella Update
On Ethereum, Peters clearly highlighted the Ethereum Shapella (Shanghai/Capella) update, which indicated it will go live around midnight tomorrow UK time.
This update of which there is much speculation about what will happen in the market as a consequence, Peters explains, will move Ethereum away from mining crypto assets permanently, and will unlock the staked Ether tokens for investors who trust the address. of the project, obtaining a return along the way.
“Large staked token holders are very likely to sell their positions to recover funds and cash in on the progress. While some may be hurt in terms of price, they will have unlocked significant staking benefits along the way.”he pointed.
Likewise, he pointed out that the sale could cause some price volatility in the short term, but with more optimism considering the market thanks to the prevailing macroeconomic factors that we saw during the Merger. “Hopefully this is short-lived”said.
“In the longer term, we now have to look at the case for investing in Ether, which will shortly include the stake, the return on profit and the freedom to withdraw when necessary. This is an important moment for the industry, and another turning point in the debate between proof-of-stake and proof-of-work protocols.”he concluded.
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