The overall crypto market experienced a mini rally due to the strong third-quarter earnings reports as the listed crypto-centric companies like Coinbase and Microstrategy also reported positive earnings, which created a positive sentiment within the crypto community, as per experts.
"Bitcoin had a jump owing to the increased demand from Institutional investors looking to boost their holdings before the next price rise. Ether is at its highest point since the merge, showing an impressive double digital gain. The leadership change in the United Kingdom, which signaled a strong commitment towards economic recovery, will significantly impact the global financial markets in the coming weeks. Further, the UK’s CPI for October will be announced by mid-November, and the FED FOMC interest rate decision will also impact the pricing in the coming months," said Mahin Gupta, Founder of digital wallet infrastructure platform Liminal.
Major software upgrade to the Ethereum blockchain, called the Merge, aimed at drastically reducing its energy usage, was completed last month. It was an update to the Ethereum blockchain, which moves it from the current proof-of-work (PoW) consensus mechanism to the more environment-friendly proof-of-stake (PoS) system.
The switch to proof-of-stake makes Ethereum more secure and paves the way for potentially significant future improvements in addition to energy savings.
"ETH tried to beat the $1,300 support level, but it stayed strong and is currently close to $1,500. The momentum is likely to continue shortly as well. A part of this upward movement can be attributed to the election of Rushi Sunak as the UK's Prime Minister. His stance towards digital assets could lead to regulatory clarity in the UK," said Edul Patel, CEO and Co-founder of Mudrex.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
