By Larry Wright
The crypto market was in a complete jumble these past few weeks as nothing seemed to move the value of the market and the bearish market overstayed its welcome. The hopes of a price reversal across the board for all cryptocurrencies seemed bleak, but then an uptrend movement began, and the wave kind of hurled all the boats up after being in the extreme lows of the crypto ocean. But alas, this crypto price uptrend was also extremely short-lived. Things are once again spiraling out of control, and it is much worse for Bitcoin and Ether both as compared to other cryptocurrencies out there.
Since the Merge update that is to become part of the Ether ecosystem is arriving rapidly, institutional investors, crypto analysts, and other enthusiasts welcomed the arrival of the update with open arms. They were all thinking stuff and making assumptions that it would give a massive boost to the overall price of Ether which it did.
As the update and the date at which it was to be implemented got nearer, the price of Ether did start to increase, and in a couple of days, it reached a price point that was doubled or became 100% of the past price point which it was experiencing for a few months now. Ether was no longer stuck in a consistent shortfall and slashing of the price, but this ecstasy was also short-lived.
All Cryptocurrencies are Suffering
Bitcoin, XRP, and many other major cryptocurrencies also did see an upward trend following the rise in the price of Ether, and now all of them are suffering once again as if the bearish run that was supposed to be over has extended its reservation within the crypto market.
The bulls are leaving the market, and the consistent flashing of the radar for Ether which pointed towards more and more investment coming for the crypto, has gone silent. Ether is merely grasping at straws when it comes to catching up to and remaining solid at $1800; before long, the crypto is going to lose this position too.