Ether, the second-largest market-capitalized cryptocurrency, appears to be ready to launch after breaking a month-long consolidation on Wednesday. Bitcoin, on the other hand, traded at around $ 48,600 at the time of the press, up about 3% in the last 24 hours, compared to an 8% increase in ETH over the same period.
“Ethereum’s blockchain activity is strong, indicating that the second phase of Burlan is approaching,” Alexandra Clark, a trader at Global Block, a UK asset broker, emailed CoinDesk.
“Recent increases in NFT (Non-Fungible Token) activity have led to an increase in the amount of transactions and active addresses on the Ethereum network, and the provision of deflation,” Clark wrote.
For Bitcoin, analysts are keeping an eye on the potential increase in trading volume that has declined in the past month to see support of over $ 46,000 and $ 48,000.