Founder and CEO of FutureFi Mr.Durga Prasad Tripathi said “Current crypto consensus is going on a positive momentum and Ethereum plays a massive role behind this”.
The current crypto market is experiencing an uptrend where cryptocurrencies are trading higher on Friday with a rise of 4% in the market cap within 24 hours. BTC rose 2.30% to $30,786 and with that ETH jump 10.5%, and was above the $2,100 level.
Mr.Durga said “Ethereum was working for a long time diligently for the execution of PoS mechanism (Proof-Of-Stake) to put an end to the need for energy extensive mining. And on 15 September during “the merge” Ethereum relied upon so-called “miners”. After that network depends on the validators, holders who stake, or lock up, their coins to verify new transactions”.
He said “Due to some issues staked ETH coins were unable to unlock, but on April 12 the Shanghai upgrade solved the problem and created positive momentum in the market. And the crypto market is blooming and encouraging investors for staking, though the market is still in the bear phase”.
According to him “It is not about the fluctuations it is all about the ups and downs, the graph always changes”. In simple words, it is not essential that in the bear market, only the downtrend remains, or in the bull market uptrend.
“Market is only recovering from the downfall it experienced. For now, we will see a surge and after that market will continue with its downtrend, there is one more major downtrend is yet to arrive after that market will prepare for a bull run”.
Apart from BTC or ETH other cryptocurrencies such as Dogecoin, XRP, BNB, Cardano and Solana are also trading higher. According to the sources the global crypto market is trading around $1.28 trillion, rising 4.25% in the last 24 hours.