On Thursday, the crypto market showed some positive signs as one of its significant currencies, Bitcoin, held steady amidst the price slump this week. Bitcoin’s figures dipped last week after a consolidation towards the $30,000 mark. However, a string of downfalls retraced its price near the $21,000 mark. The Economic Times reports that Bitcoin was trading at $21,500, with the global crypto market cap at $1.04 trillion, a 2% increase from the previous day’s figures. On the contrary, the trading volume showed a 7% decrease to $65.46 billion. Investors have recently witnessed several ups and downs in the crypto market due to the unpredictable prices of major cryptocurrencies.
Ethereum and Solana prices jump
Ethereum, the world’s second-largest cryptocurrency, has suffered a continuous price decline during the past week. The price decrease ahead of the following month’s Merge has investors worried. Thursday’s Ethereum market brought some good news for the investors as the price shot up by more than 3%. Solana, too surged 2%; other cryptocurrencies such as BNB, Polygon, and Tron traded below their previous day’s figures. Ethereum’s current market trend showed unpredictable signs as the prices repeatedly fell after consolidating marginally from the June market crash.
The crypto market’s future remains doubtful
Analysts have predicted a price downfall of some major cryptocurrencies, including Ethereum. Ethereum’s blockchain will witness a revolutionary moment during mid-September’s Merge. Bitcoin’s price has shown severe ups and downs after a two-month price rally, which crashed to the near $17,000 mark in June this year. However, the price consolidation propelled the price near the $30,000 mark, but a failure to break through that point brought back the bearish trend. Investors and traders must wait until next month to gauge the market’s standing and the future of cryptocurrencies.