Ether Gains 7% as Bitcoin Holds Steady Near $80K Support
Ether (ETH) Performance
- ETH rose nearly 7% in 24 hours, leading major cryptocurrencies as traders anticipate the Federal Open Market Committee (FOMC) meeting.
- Memecoin dogecoin (DOGE) increased by 4%, with other Ethereum-based tokens like pepe (PEPE) and mog (MOG) rising over 5%.
Other Major Cryptocurrencies
- XRP, BNB, Solana's SOL, and Cardano's ADA each gained 3%.
- Tron’s TRX experienced a dip after earlier gains.
- Bitcoin (BTC) rose 2%, remaining under $84,000 ahead of the FOMC meeting.
Market Indicators
- ETH/BTC ratio increased from 0.23 to 0.24, indicating higher demand for ETH.
- Concerns exist about BTC support at the $80,000 mark, with potential implications if it falls below this level.
Ethereum Upgrades
- The Pectra upgrade is in testing, focusing on scalability and user experience with multiple EIPs.
- Mainnet deployment is targeted for late April or early May 2025, pending successful testing outcomes.
Market Sentiment
- QCP Capital noted support for BTC at $80K is fragile amid macroeconomic concerns.
- The FOMC decision could lead to either recovery or further decline in cryptocurrency values.
- Gold's recent rise above $3,000 may suggest an inverse correlation with Bitcoin.
Investors are advised to monitor upcoming economic signals closely as they may influence market trajectories.