Ethereum Outperforms Bitcoin As It Completes Final Testnet

Ethereum Outperforms Bitcoin

Investors appeared more upbeat on Thursday, with bitcoin (BTC) and ether (ETH) both trading higher on the day, extending gains following this week’s lower-than-expected U.S. inflation reading, which calmed fears of a more aggressive Federal Reserve.

“The inflation report has fueled the already visible market optimism and could set the tone for the rest of the summer,” said Craig Erlam, an OANDA analyst, in an emailed note.

ETH has outperformed BTC today, rising 12% in the last 24 hours as a result of its successful third and final testnet ahead of the Merge.

“Goerli” was the final of three public testnets to go through the Merge’s “dress rehearsal.” Following that, the mainnet merge is scheduled for the end of September. Since the Merge date was confirmed, the price of ETH has increased.

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On Thursday morning, Bitcoin reached a two-month high of $24,658. “I’m still not seeing the momentum I would expect and want,” Erlam wrote.

“Of course, that could change, and a $25,000 break could bring that, but we still appear to be seeing some apprehension that may hold it back in the near term,” Erlam says.

Stock futures rose in traditional markets, and the Nasdaq Composite, which includes major technology companies such as Apple and Microsoft, entered bull territory on Wednesday. The Nasdaq rose 2.9%, bringing the stock market’s longest bear market since 2008 to an end.

In the news, Near Protocol’s native NEAR token rose 12% to a high of $5.97 on Wednesday after Coinbase added the token to its listing roadmap, which shows assets that the cryptocurrency exchange intends to list.

Elliptic, a blockchain analytics firm, announced that it can now track crypto movements across and between all blockchains concurrently and in milliseconds. According to the company, the offering can aid in the prevention of cross-chain bridge exploits.

Shaurya Malwa of CoinDesk reported from Seoul, South Korea, that options trading is more likely to be a key bet according to QCP Capital, a prominent crypto fund, institutional investors will be more interested in cryptocurrencies than other niches such as DeFi or NFTs in the coming years.

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