Crypto Radar: Ethereum Rises Strongly After Key Network Update #
Photo: Coingecko
The Bitcoin price is showing minimal movement today, with a slight decline of 0.2%. The broader crypto market is also stable and slightly green. While most coins are waiting, it’s Ethereum that’s drawing attention within the top 10 with its increase.
Market Overview #
The total value of the crypto market has risen slightly by 0.2% in the past 24 hours to approximately 2.8 trillion euros. This indicates a calm and waiting attitude among investors.
Bitcoin itself is currently trading around a price of $92,769, which equals €79,506 on the crypto exchange Bitvavo. The price remains close to yesterday’s level.
Bitcoin is stable, while the performance on the altcoin market is mixed. What stands out is the relative strength of Ethereum. The largest cryptocurrencies in the market are predominantly stable, while Ethereum does manage to rise.
Ethereum has risen by more than 3%. In its wake, several related tokens are also moving up, as can be seen in the list of gainers below.
The rise of Ethereum is likely attributable to a major update of the network. Today, it implemented various improvements.
Top Gainers, Including Zcash and Ethereum #
Despite the overall calm in the market, there are some cryptocurrencies showing nice gains today. These are the 10 biggest gainers in the top 100 crypto.
| Name | Current Value | 24h Change |
|---|---|---|
| Zcash (ZEC) | $361.63 | +5.6% |
| KuCoin (KCS) | $10.77 | +5.2% |
| Bittensor (TAO) | $299.58 | +5.2% |
| Sky (SKY) | $0.0570 | +4.4% |
| Avalanche (AVAX) | $14.74 | +4.1% |
| Rocket Pool ETH (RETH) | $3669.85 | +3.4% |
| Liquid Staked ETH (LSETH) | $3398.23 | +3.4% |
| LEO Token (LEO) | $9.73 | +3.3% |
| Binance-Peg WETH (WETH) | $3187.53 | +3.2% |
| Ethereum (ETH) | $3185.64 | +3.2% |
Notably, Chainlink is not on this list. Recently, the first Chainlink exchange fund launched successfully. Immediately, quite a bit of capital flowed into the funds, and the Chainlink price initially rose immediately. However, it seems to be losing steam and Chainlink is trading about 1% lower than 24 hours ago.
Top Losers, Including Provenance Blockchain #
On the other side of the spectrum, we see some losers today, although the losses are generally limited.
| Name | Current Value | 24h Change |
|---|---|---|
| Provenance Blockchain (HASH) | $0.0209 | -5.5% |
| Canton (CC) | $0.0767 | -4.8% |
| Flare (FLR) | $0.0136 | -4.7% |
| Hedera (HBAR) | $0.1408 | -3.1% |
| Sui (SUI) | $1.66 | -2.8% |
| Shiba Inu (SHIB) | $0.000009 | -2.6% |
| World Liberty Financial (WLFI) | $0.1573 | -2.6% |
| Aster (ASTER) | $1.05 | -2.3% |
| Quant (QNT) | $94.30 | -2.1% |
| POL (ex-MATIC) (POL) | $0.1269 | -1.7% |
Growing Chance of Interest Rate Cuts, Michaël van de Poppe Positive #
Finally, a quick look at social media. The sentiment there is predominantly positive. For example, a Reuters poll shows that most economists expect an interest rate cut from the US Federal Reserve on December 10. This is generally positive for risk assets like crypto.
Dutch analyst Michaël van de Poppe is also positive. In a post on X, he writes:
“This is what I prefer to see; Ethereum moving up, while Bitcoin goes up.
Very comparable to the price action mid 2019/early 2020.
[…]
It’s the first time since August that it’s acting above this [moving average], and that could indicate strength.”