It was a solid day, July 18th, with headlines spread over the gains of Bitcoin, Ethereum and Cardano. Bitcoin on the day, saw gains of over 4% while Cardano rose by 5.75%. Ethereum stole the day hitting a new low high at $1,500 and a 9.5% gain.
Solid momentum from Bitcoin seems to have been fueled by the renewal of bullish sentiment and an increased overall demand in digital currencies despite the mishaps in previous months of 2022.
Ethereum has finally been given a tentative date for its biggest update, deemed “the Merge.” This will combine the Ethereum mainnet and Beacon chain, creating a proof of stake blockchain. In the past 4 days, ETH has managed to skyrocket by 35%.
Cardano’s momentum seems to be from a combination of both investor enthusiasm of Ethereum’s project as well as its Vasil hard fork upgrade which has been in steady development after its testnet launch recently went live. The hard fork upgrade is expected to hit the mainnet in late July, 2022.
With all three coins having gone through their share of controversies, with delays in development of upgrades, it seems that sentiment has taken a turn for the positive. Cardano’s Vasil ahrd fork upgrade has been looked at with some scrutiny, especially in relation to its mainnet launch date. However, tensions were eased in a tweet by KtorZ, technical developer in the Cardano Foundation.
Whether this forward momentum can carry on remains to be seen. The bear market may still be a ways ahead, as fear still mars investor sentiment despite gains. There is a note of apprehension in the overarching investor community that is at a constant “brace for impact” mentality. This also comes with the fact that Cardano and Ethereum have both been under scrutiny for their development times. It is crucial that these two platforms release their upgrades on time in order to keep investor sentiment growing.