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Ether has held above $2,000 since it reached a high on Sunday. However, Simon Peters of investment firm eToro wrote in a note this morning that the response to the upgrade had been largely muted, and that ether’s price increase was more a reaction to macroeconomic conditions. Bitcoin, the largest cryptocurrency in terms of market capitalization, has lost 2% over the last 24 hours, falling below $30,000. Avalanche Layer 1 network AVAX topped the gains on Monday with a 7% increase in just 24 hours. Last week, T. Rowe Price and WisdomTree joined Avalanche’s “subnet” Spruce in order to improve trade execution and settlement efficiency.

Shaquille o’Neal, the basketball legend who was dubbed “Shaqtoshi” in an FTX commercial, has been served with a class-action suit against FTX founder Sam Bankman Fried. O’Neal, dubbed “Shaqtoshi,” in an FTX ad, is among several celebrities who face a class action lawsuit for promoting a fraudulent scheme.

Bitcoin’s price is expected to reach a peak around $45,000 in the next month. This is according to Vetle Linde, senior analyst at K33 Research. The price of the cryptocurrency has increased by 80% in 2018. This is a far greater increase than other traditional risky assets such as the Nasdaq, which is a tech-heavy index. The rally follows a 12-month drop in which prices dropped 76%, and peaked out in November 2022. According to Lunde, the drop and recovery is analogous in length and trajectory to the bear market of 2018-19. The bottoms of both cycles lasted approximately 370 calendar days. In a client note last week, Lunde stated that the peak-to trough return for both cycles was 60%. “In 2018, the bear-market rally peaked 556 days after 2017’s peak on June 29, 2019 with a drawdown of 34% from the peak.

Chart of the Day

(IntoTheBlock)

  • The chart shows that more than 70% addresses with ether coins are in the black, as they acquired them at an average lower price than the current market rate for the cryptocurrency of $2,090.
  • According to Pedro Negron of IntoTheBlock, a junior analyst, the focus is now on the price range between $2,365 and $2,430, where many addresses traded the cryptocurrency.
  • Ether reached its highest level since May 2022, when it surpassed $2,100.

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Mark Nacinovich is the editor.