In the backdrop of neutral-to-bearish sentiment, the cryptocurrency market has had a mixed look to it during Thursday to Friday morning with bitcoin further expending its recent decline while Ethereum distinguishing itself as the only major coin rising.
The world’s biggest cryptocurrency BTC slid further in its near 7 day decline path to just above $50,000 before recovering back to $52,000 level.
Ether (ETH), the second-largest cryptocurrency by market capitalization was the only major coin that posted a gain in value on Thursday, interestingly almost by the percentage points in the opposite directly to bitcoin. Ether shot up above $2,400 level, putting its capitalization at a whooping $280 billion. Ethereum Classic (ETC) also rose 7% to $34.25.
Meanwhile among the other 8 variable-price digital currencies in the Big 10, ripple (XRP) was down 9% to $1.17, Binance Coin (BNB) down 6% to $512, cardano (ADA) down 4% to $1.14, ChainLink (Link) down 1.3% to $35.8, Dogecoin (DOGE) down 14% to $0.26, Stellar (XLM) down 8% to $0.44, Litecoin (LTC) down 1% to $254, Vechain (VET) down 13% to $0.19.
Last week Ethereum network had an important upgrade with the Berlin hard fork going live. The upgrade, which precedes the subsequent much bigger London hard fork, incorporates four Ethereum Improvement Proposals (EIPs) which, among others, introduce new transaction types and lower gas costs for modular exponentiation.
The market overall continues to be relatively subdued after the last week’s flash crash which exposed the intrinsic vulnerability of the cryptocurrencies to the looming government regulation.