The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. The total crypto market cap stabilized over the past week and currently stands at $990 billion and does now have nearly 21,000 coins.
Bitcoin’s market dominance consolidated just below 40%. Bitcoin’s market cap gained 4% to $386 billion. Ethereum’s (ETH) market dominance fell slightly to 19.6%, while Ethereum’s market cap dropped slightly to $194 billion.
Ethereum loses ground after long-awaited ‘merge’
Investors who expected a further rise in Ethereum after the merge became a reality have been deceived. Ethereum lost further ground Thursday after Ethereum finally moved from a Proof-of-Work consensus model to the Proof-of-Stake consensus model.
With that, Ethereum thus failed to continue its assault toward the $2,000 mark let alone reach it. This can be called a disappointing move to say the least and can be categorized under, “possession of the thing is the end of the entertainment.”
By the way, there is more behind the weakness in Ethereum price. The overall tenor of the crypto market cannot be called particularly positive. For ages, the overall crypto market has failed to make upward distance from the $1,000 billion mark where it has been consolidating since the downward breakout in May.
On the plus side, the mouths of the environmental freaks have finally been gagged: the new consensus model will reportedly, and according to the Ethereum Foundation, reduce energy consumption by more than 99% compared to the Proof-of-Work system.
Briefly, the Ethereum price lived up a bit, peaking at around $1,640 before taking a nosedive to below $1,500. In short, Ethereum’s long-awaited merge is finally a reality and it is now waiting for new positive momentum. In doing so, it is important for Ethereum to stay above the short-term support zone of $1,400.