Cryptocurrencies extended gains into Friday trading session. Market leaders Bitcoin and Ethereum rose sharply.
The world’s most popular cryptocurrency was up over $41,000 as market cap pass over $780 billion. Ethereum price rose following a major software upgrade yesterday that is expected to stabilize transaction fees while reducing the supply of the Ether token!
The software upgrade, Ethereum Improvement Proposal (EIP) 1559, will change how transactions are processed on the Ethereum network by providing clear pricing on transaction fees in Ether that are paid to miners to validate transactions and “burning” a small amount of those tokens. The burned tokens will be permanently taken out of the currency circulation. The reduction in supply will cause the remaining tokens in circulation become even more valuable. Ethereum traded volumes started surpassing those of Bitcoin showing positive momentum and investor interest.
Other altcoins also rose in positive sentiment including: Dogecoin, XRP, Cardano, Stellar, Uniswap, Litecoin and Polygon.
Our signals have hit multiple profit targets on Bitcoin and Ethereum and analyzing the chart price pattern, we can see clear positive trend momentum building that should allow prices to continue higher. Ethereum trading at 2,760 dollar level and we can see it move back to 2,844 dollar level by this weekend.
