[Bitcoin Now] Maintaining Above $30,000 After Breakthrough... Ethereum Up Due to Upgrade

The price of Bitcoin, the leading virtual asset, has been hovering after surpassing the $30,000 mark for the first time in 10 months since June last year. Ethereum, the leading altcoin, approached $2,100 following the completion of the Shapella upgrade.

Image source=Reuters·Yonhap News

According to the global virtual asset market tracking site CoinMarketCap, as of 3:29 PM on the 16th, the price of Bitcoin was recorded at $30,338 (approximately 39.65 million KRW), down 0.27% from the previous day.

Bitcoin's price exceeded $30,000 on the 11th. This is interpreted as reflecting expectations for the end of the U.S. interest rate hike cycle. On the 14th, it rose to as high as $30,988, reaching around the $31,000 level.

However, with the possibility of additional rate hikes by the U.S. Federal Reserve (Fed) gaining traction, further increases have not materialized. Fed Governor Christopher Waller stated, "Since financial conditions have not tightened significantly, the labor market remains strong and tight, and inflation is well above the target, monetary policy needs to be tightened further."

Raphael Bostic, President of the Federal Reserve Bank of Atlanta, also said in an interview that recent inflation indicators "align with a situation where one more rate hike is necessary," and emphasized the need to raise rates once more and observe how the economy progresses.

At the same time, Ethereum showed an upward trend. It recorded $2,098 (approximately 2.74 million KRW), up 0.48% from the previous day. Ethereum, which was trading around $1,900 on the 13th, surged after the Shapella upgrade on the 14th. The Shapella upgrade is the first update following the Ethereum Merge, which transitioned the consensus algorithm to the Proof of Stake (PoS) method. This upgrade is significant because it allows the withdrawal of staked Ethereum, which had previously been restricted. The price increase is believed to be due to the removal of uncertainty about the upgrade and the fact that the withdrawal restrictions prevented a flood of supply into the market.

Meanwhile, investor sentiment in virtual assets remained at a greed level. According to the virtual asset data provider Alternative, the Fear & Greed Index, which measures investor sentiment, stood at 68 points (greed) on this day, maintaining the same level since the 14th. Alternative’s Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investment, to 100, indicating strong optimism.