Bitcoin (BTC) advances in a slow but sustained recovery, while Ethereum (ETH) takes all the prominence of the market. After a weekend in which the leading crypto currency hovered above $ 56K, it surpassed $ 57,500 this morning after a 2% jump. At the close of this note, the price of BTC is $ 57,516.
The flagship crypto currency seeks to recoup the losses it took almost two weeks ago, when it fell by more than 15% after hitting all-time highs above $ 63,000. Despite the delay in the recovery, growth appears to be sustained and the market context accompanies upward expectations.
With increasing adoption around the world, BTC has received new gestures from big finance companies over the weekend, fueling the good omens. BNY Mellon, one of the oldest and most prestigious American banks in the United States, presented its ETF report last Saturday and acknowledged that it would have made more profit if it invested in companies backed by BTC.
However, the protagonist of this day was ETH, which after a jump of 8% was the best performing altcoin and reached a new all-time high. According to specialists, the fundamental factor to achieve a new ATH is the ” update of EIP 1559 “.
ETH experts are familiar with that term, but most small investors are not. This is a change proposed by the developers of the Ethereum blockchain that “burn” a fraction of ETH for each asset that is used to pay “gas fees” in a transaction. The network would include that update in July or August, and its announcement sent the price of the asset skyrocketing.
“Our view is that this rally is primarily driven by excitement for the impending EIP 1559 update,” said Matthew Dibb, Chief Operating Officer and Co-Founder of Stack Funds.
The rest of the crypto currencies presented uneven growth. Dogecoin (DOGE) grew more than 7% and climbed to $ 0.41, while Binance Coin (BNB) and Litecoin (LTC) are up 6% and are trading at $ 659 and $ 285.
Polkadot (DOT) and Uniswap (UNI) grew 2% to $ 37.16 and $ 43.42, while Cardano (ADA) rose just 1% and is trading at $ 1.34. XRP was the only crypto currency to go down on the day (-1.5%) and its price hovers at $ 1.55.