The cyclical slumps in bitcoin (BTC-USD) and ethereum (ETH-USD) that started in November 2021 could have "found a floor" as they blasted higher in July, J.P. Morgan analyst Kenneth Worthington wrote in a note to clients Monday.
Worthington pointed out that bullish catalysts involving more limited new contagion from May's meltdown of digital tokens TerraUSD (UST-USD) and Luna (LUNA-USD) supported the upswings in major cryptos.
While bitcoin (BTC-USD) jumped 21% in July, ether (ETH-USD) soared nearly 59% as positive news surrounding Ether's transition to Proof-of-Stake from Proof-of-Work spread throughout the cryptoverse. In fact, ether's boost was the biggest among the six largest cryptos by market cap, as seen in this chart.
"The real driver has been the Ethereum (ETH-USD) merge and positive data following the launch of the Sapolia testnet in early July and Ropsten testnet in June, indicating the merge is viable in 2022," Worthington emphasized.
Taking Worthington's points into...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...