BlockTower Capital veteran Avi Felman shares some thoughts on BTC, ETH and altcoin performance ahead of Merge activation
Seasoned trader and hedge fund manager Avi Feldman claims that the cryptocurrency markets are in an “attractive” position that does not necessarily end well.
Market is based on bid for Ethereum (ETH): Indicators
In his recent tweet, Mr. Felman shared his concerns about the ongoing market excitement. He attributes it to the expectations of holders before the mainnet activation of the Merge update for Ethereum (ETH).
He added that such an observation can be confirmed by the weak performance of both Bitcoin (BTC) and major altcoins. Compared to the lucrative Ethereum (ETH), digital gold has been underperforming in the last days.
Such situations look “lucrative” but are not always good for midterm performance of crypto markets. For instance, Mr. Felman added, we can see the EIP-1559 activation and its effect on the Ethereum (ETH) price.
As of press time, Ethereum (ETH) has been battling an unseen level of $2,000 since early May; The second cryptocurrency is up 5.4% in the past 24 hours.
Merge is coming earlier than expected
Bitcoin (BTC) failed to conquer $25,000 and sits at $24,800, being 2.9% up. The net capitalization of crypto markets is $1,225 billion, the indicator added 3.1% in the last 24 hours.
As previously covered by U.Today, the Ethereum (ETH) network is going to activate the merge update on September 15th. This is four days before the first was announced by its main developers.
The Ethereum Merge will allow the network to replace the proof-of-work (PoW) consensus with a proof-of-stake (PoS) one and become more eco-friendly and resource efficient. Many experts call the Merge activation the most important event in crypto in 2022.
