On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, slipped 3% to $1,849. Ether, having benefited in recent weeks from investor optimism as a long-awaited software update, known as the Merge, looks to occur mid-September, is struggling to keep the momentum as detractors look to fork the chain away from the update.
In a note, analysts at Genesis, one of the largest lenders in the digital assets world, said they saw consensus with a specific strategy where traders would hold Ether on chain, hedge with Ether futures and borrow Ether during the transition.
Meanwhile, dogecoin price today was trading more than 5% lower at $0.08 whereas Shiba Inu also plunged over 9% to $0.000015. Other crypto prices' today performance also declined as BNB, Tether, Avalanche, Polygon, Apecoin, Chainlink, XRP, Uniswap, Tron, Litecoin, Polkadot, Stellar prices were trading with cuts over the last 24 hours.
The EOS cryptocurrency surged about 15% on Wednesday amid developments seen as positive for the token’s community. EOS, just inside the top-50 tokens by market capitalization according to data provider CoinGecko, far outperformed most other major cryptocurrencies.
A court in New York nixed a proposed $27.5 million settlement by Blockchain-technology developer Block.one over allegations that the firm’s initial offering of EOS coins several years ago should have been registered as a securities sale, reported Bloomberg. The EOS community is planning to fork its chain and cut ties with Block.One, which is fueling inflows into the token, according to Yacine Terai, founder of Web3 consultancy firm StartupToken.
Crypto struggled through the first half of the year as the Federal Reserve hiked rates to combat stubbornly high inflation. Following the collapse of a major pair of tokens, some cryptocurrency lenders froze customer withdrawals, and several crypto firms have cut jobs.
(With inputs from agencies)
