Will they ignite a surge in Ethereum, Bitcoin and Big Eyes Coin?
The upcoming Shanghai upgrade of the Ethereum network, marking the end of a two-year shift to proof of stake, has been a topic of interest in recent news. The transition to proof of stake will provide access to around $34 billion worth of over 18 million Ethereum (ETH), leaving investors feeling uncertain about the potential effects on the value of ETH, Bitcoin (BTC) and Big Eyes Coin (BIG ).
Below we will delve into this topic to examine the potential implications for ETH, BTC and BIG.
Ethereum’s optimistic future: a positive outlook for the cryptocurrency
The upcoming Ethereum Shanghai upgrade is set to bring technical improvements to the network and enable staking, completing the transition to proof-of-stake that has been underway for two years. However, the distribution of approximately 18 million ETH, valued at $34 billion, to validators after the upgrade has raised investor concerns regarding the impact on the market cap of the second largest cryptocurrency.
Although the withdrawal queue limits the number of daily requests, analysts predict that the short-term price impact will not be as severe as first thought. Moreover, traders have already had access to staked ETH via liquid staking services such as Lido even before the Shanghai upgrade. Consequently, some experts believe that Ethereum’s long-term outlook will become more optimistic, given that the market has already priced in the upgrade’s potential effects.
On the day of its debut, Ethereum’s price increased by 2.95%, reaching a trading price of $1,985.98 and a market capitalization of $239.22 billion. In addition, the increasing competition in cryptocurrency storage is expected to lead to more ETH being locked up, attracting the attention of significant institutions such as JPMorgan Chase and Standard Chartered, and potentially leading to a long-term price increase.
Bitcoin’s halving cycle shows familiar trends from previous cycles
New data suggests that the progress of the current Bitcoin halving cycle is similar to that of previous cycles, with BTC price fluctuations following a comparable pattern. On Thursday, BTC saw a 0.72% increase, which can be partially attributed to the Shapella upgrade. However, analysts are already discussing the potential impact of the block subsidy halving planned for next year, which is expected to reduce the number of BTC miners can create per block.
BTC/USD has risen nearly 70% in 2023, and the upcoming halving is expected to act as a catalyst for Bitcoin’s price to reach all-time highs, similar to what happened in previous cycles.
Big Eyes Coin sees big wins
Big Eyes Coin, a cryptocurrency inspired by felines, has raised an impressive $33.6 million in pre-sales during the Ethereum Shanghai upgrade. The Big Eyes Coin platform offers several exciting features, including BIG COMP, a contest that awarded two winners $100K. The platform also boasts the Big Eyes Excali-Paw Chest, which can award users up to $1 million in $BIG, as well as BIG Loot and Mintable trading cards available on OpenSea. Also, investors can take advantage of the recently launched Stage 13, which is another exciting feature.
Big Eyes Coin is a unique cryptocurrency that values its investors and provides them with exclusive experiences. Despite the current price of $BIG 1891.89, token holders believe that the asset has huge potential and are optimistic that its value will increase significantly once it hits the blockchain.
Navigating current cryptocurrency market trends
In today’s cryptocurrency market climate, it is important to have a well-diversified portfolio of assets. Although Bitcoin (BTC) and Ethereum (ETH) are already considered commodities, it will not be long before Big Eyes Coin (BIG) is recognized as a valuable asset with the potential for significant returns.
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