Over the past five days, the largest altcoin by capitalization has grown by 26%
The cost of Ethereum on the BINANCE crypto exchange reached $2.66 thousand, updating the historical maximum. Altcoin last updated its maximum value on April 22, at the level of $2.64 thousand. The very next day, Ethereum quotes fell by 18%. This happened against the backdrop of a fall in the bitcoin rate, which fell by 11% on the same day. In five days, the largest altcoin in terms of capitalization grew by 26%.
ETH / USDT daily chart
Over the past week, on the Ethereum network, according to the analytical service Etherscan, the average transaction fee decreased by 80% - from $11.3 to $ 2.2. This happened after the release of the Berlin hard fork. The update took place on April 15 and included four proposals for improving the blockchain as part of the network update to version 2.0. In particular, the hard fork consisted of proposals EIP-2565 and EIP-2929 (changing the algorithm for calculating the cost of transaction fees on the network), as well as EIP-2930 and EIP-2718, which introduce new types of transactions.
After the release of the hard fork, the Ethereum network crashed when trying to sync with the OpenEthereum nodes. The next day, the developers released a small update that normalized the network.
What will happen to bitcoin next
Today, April 27, the bitcoin rate on the Binance crypto exchange again reached $55.3 thousand. The price of the cryptocurrency is recovering after it updated the local minimum at $46.9 thousand on Sunday night. Over the past two days, the asset quotes have risen by more than 17 %.
Most likely, the correction is coming to an end, since the decline to $47 thousand provided an excellent opportunity to buy bitcoin quite cheaply, even by current standards. The old buy the dip strategy works great in the cryptocurrency space. The cryptomarket is not yet going to "winter out", as institutional investors continue to increase their positions in bitcoin, and some are just entering the market. Tesla's 10% BTC sales are unlikely to scare them.
BTC / USDT daily chart
With regard to technical analysis, the level of $ 47-48 thousand has shown the strength of buyers already twice, and the intermediate resistance in the region of $54 thousand has already been broken. Now Bitcoin needs to overcome the level of $60 thousand, from which the impulsive fall began. Only in this case it will be possible to talk about the actual completion of the correction. Within a few days after the breakdown of $60 thousand, bitcoin will pick up and above $65 thousand.
