Success Expected for Bitcoin and Ethereum in Near Future

Ever since the beginning of the year 2022, the cryptocurrency industry hasn’t been performing really well. Whether it is the major cryptocurrencies or the minor ones, the entire cryptocurrency sector has performed negatively.

Finally, after a long time, the cryptocurrency sector has started making a comeback. However, the resurgence being witnessed for the entire cryptocurrency market is due to the recovery of the stock markets.

For most of the cryptocurrencies, there aren’t many factors that are promising for the individual growth of the cryptocurrencies. This is where Bitcoin and Ethereum have found individual factors that will help them grow tremendously in future.

Let us discuss the positive factors that will help boost the trading prices of the largest cryptocurrency trading pair (BTC & ETH).

Bitcoin’s Performance and Factors

Since the beginning of the crypto-verse, Bitcoin has remained the largest trading cryptocurrency. At the time of writing, Bitcoin’s trading price is worth $32,111.51 and its 24-hour trading volume is $38,374,253,716.

Bitcoin’s valuation currently stands at $611,873,629,580 and the valuation alongside the trading price has surged by 5.01% in the past 24-hours.

Among the major factors supporting Bitcoin, the first one is the full support of El Salvador. It is the only country that has adopted Bitcoin as a legal tender. The country is determined to deal in Bitcoin despite all the upsets Bitcoin has faced in recent months.

Then there are several financial institutions from all over the world that are adopting Bitcoin. These institutions include companies from Russia, the Philippines, South Korea, Israel, Panama, and many more.

Another major factor is the recent revelation that China is still mining Bitcoin at a high rate despite the bans. Previously, it was one of the major actors that posed a negative impact on the trading price of Bitcoin.

With this factor shifting to the positive side, the trading price of Bitcoin is set to gain high trading prices.

Ethereum’s Performance and Factors

At the time of publication, Ethereum’s price is worth $1,962.76 and it has surged by 1.57% in the past 24-hours. The 24-hour trading volume for Ethereum is worth $20,223,059,149 and its market valuation is worth $237,180,418,922.

There is only one major factor that is going to set things on the right track for Ethereum. The particular factor is the implementation of the hard fork named ‘Merge’.

It was towards the end of 2020 when the teams behind the development of the Ethereum blockchain started working on the Merge. The need for the Merge was felt when the transaction fees, latency, volume, and speed became a huge issue on the blockchain network.

As a result, any investors started moving away from the Ethereum blockchain. Therefore, the usability of the Ether token was lessened. With the implementation of the Merge in August, the trading price of ETH may start growing significantly.