Cryptocurrency Update: Ethereum, Bitcoin, and More on the Rise
The cryptocurrency markets underwent a change in dominance, as the market cap of Ethereum decreased compared to Bitcoin, while BlackRock’s iShares Ethereum Trust (ETHA) achieved a significant milestone. Additionally, following the release of the FOMC meeting minutes, Bitcoin and other cryptocurrencies experienced a brief rally.
On Wednesday, Ethereum (ETH) saw a 2% increase in value after Glassnode reported a decrease in its market cap dominance compared to Bitcoin. This development coincided with BlackRock’s iShares Ethereum Trust (ETHA) reaching a net inflow milestone of over $1 billion, despite negative flows in the broader ETH ETF category.
After the release of the minutes from the Federal Open Market Committee (FOMC) July meeting, Bitcoin (BTC) and several other cryptocurrencies experienced a short-lived rally. The entire crypto market capitalization increased by over 2%, with Bitcoin and Ethereum seeing respective increases of over 2% and 3%.
In addition, Prometheum Capital announced plans to incorporate Uniswap (UNI) and Arbitrum (ARB) tokens on its custodial platform, potentially leading to a securities classification for these assets.
It is important to highlight that while this information serves an educational purpose, investing in open markets carries significant risk, including the potential loss of all or a portion of your investment. Therefore, conducting thorough research before making investment decisions is crucial.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet or its advertisers. It is also important to remember that the author and FXStreet are not registered investment advisors, and the information provided is not intended to serve as investment advice.
In conclusion, the cryptocurrency market has witnessed a combination of positive and negative developments in recent days, including the diminishing dominance of Ethereum’s market cap, a brief rally in Bitcoin and crypto markets, and the potential for Uniswap and Arbitrum to face a securities classification. As always, it is essential for investors to exercise caution and conduct thorough research before making any investment decisions.
Source:
FXStreet
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