HomeBitcoinBitcoin soars 25% in 1 week...thanks to Ethereum?

Bitcoin soars 25% in 1 week…thanks to Ethereum?

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The risk appetite that drove global share indices higher yesterday also helped Bitcoin, which pushed its recovery to a high of $23,783 last night, the highest in almost a month.

In comparison to last week’s low of $18,926, which marked the start of the current comeback phase, BTC was up more than 25% on last night’s high.

Is the rising of BTC related to the rise of ETH?

Aside from a general increase in risk appetite, which is partly due to better-than-expected corporate quarterly results, some analysts believe the cryptocurrency market is being driven by the prospect of Ethereum transitioning from a “proof of work” operation to a “proof of stake” operation, which is much less energy-consuming.

Indeed, the market rise began last week, when Ethereum developer Tim Beiko set a September 19 deadline for ETH to move to proof of stake, which resulted in a far greater rally on ETH.

Indeed, at the time of writing, the second most prominent cryptocurrency on the market has gained 48 percent in one week, while Bitcoin has gained only 20 percent.

Bitcoin has exited the Fear and Greed index’s “severe fear” zone.

It’s also worth mentioning that, after 73 days, bitcoin (BTC) finally departed the “severe fear” zone on Tuesday, when buyers returned to the market.

On July 19, the Crypto Fear and Greed Index, which measures the current emotion of the whole cryptocurrency market and ranges from 0 to 100, dropped from “very afraid” to “fearful,” hitting a score of 30 out of 100. Since then, it has risen significantly to a current score of 31.

Bitcoin mining is currently 60% “green.”

Another fascinating fact highlighted in the Bitcoin Mining Council’s quarterly report published yesterday is that over 60% of the electricity utilized to operate Bitcoin mining equipment originates from renewable sources.

The BMC discovered that the worldwide Bitcoin mining industry’s sustainable energy consumption is increasing 6% from Q2 2021 and 2% from Q1 2022, hitting 59.5 percent last quarter, making it “one of the most sustainable sectors in the world.”

Bitcoin’s technological environment is beginning to improve.

Finally, from a graphical standpoint, the surge in Bitcoin has finally become significant enough to improve the technical background.

The cryptocurrency’s increase since yesterday has allowed it to escape the top of a bullish consolidation channel and, more importantly, to cross a negative trend line shown in daily data since the beginning of April.

In the medium term, the next possible barrier will be the $24,000 mark, while the first support to consider will be $23,000.

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