The cryptocurrency market opened Friday (16) in relative calm, with the exception of the price of Ether (ETH). According to CoinGecko, Bitcoin (BTC) is up 0.22%, trading at $104,166, with a trading volume of $159 billion in the last 24 hours.
Among the Top 10 cryptocurrencies, seven opened the day appreciating, but with very modest performances. The highest valuation is the BNB, which registers a high of 2.01% and is worth R$ 1,448. Its trading volume reached R$ 4.6 billion in the last 24 hours.
Another highlight goes to the three stablecoins that are in the Top 10, as they all trade above 1.5%. USDC and USDT are up 1.85% and 1.87% respectively, while BUSD is slightly underperforming (1.76%). Currently, all of them maintain their parity with the US dollar.
As for the Top 10’s devaluations, Cardano (ADA) has losses of 0.17% and is worth R$2.44. Solana (SOL) is down 0.62%, at R$173, with both having moved R$2.9 billion and R$4.5 billion in the last 24 hours, respectively.
ETH falls again after The Merge
On the first full day after The Merge update, ETH again experienced a sharp correction in price. The cryptocurrency recorded the biggest drop in the Top 10 with depreciation of 5.4 percent on Friday, falling to the region of $7,755.
In dollars, one ETH is worth about $1,477, meaning the cryptocurrency is below the $1,500 region, considered an important support. According to Coinglass, ETH has already accumulated losses of 16.38% over the past seven days, breaking a two-week streak of appreciation.
The Merge occurred successfully during the early hours of Thursday (15), marking the end of mining via Proof of Work (PoW). Now, the Ethereum network uses Proof of Participation (PoS) consensus after seven years of planning.
On the other hand, miners who can no longer mine ETH have switched to the Ethereum Classic (ETC) network, whose processing power increased by five times on Thursday. However, ETC trades down 9.32% over the past 24 hours, worth $179.79.
Among the 30 largest cryptocurrencies on the market, only Cosmos (ATOM) and Chainlink (LINK) registered significant increases. ATOM rose 7.51% and is worth $81.71, while LINK rose 7.84% and is worth $40.60.
The total market value of cryptocurrencies fell by 2.53% to a total of BRL 5.2 trillion. BTC’s dominance is 39.4%, while ETH’s has reached 18.7% of the market. Together, cryptocurrencies have R$2.9 trillion in market value.