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Dencun Goes Live of Ethereum Mainnet: CryptoQuant Predicts Bitcoin and Extended Market Surge Could Continue

Dencun Goes Live of Ethereum Mainnet: CryptoQuant Predicts Bitcoin and Extended Market Surge Could Continue
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TLDR:

  • The Ethereum Dencun upgrade has gone live on the Mainnet, promising lower transaction fees and increased scalability.
  • Bitcoin has pegged a new all-time high (ATH) above $73,600, but CryptoQuant has stated that the rally could continue.
  • As the extended crypto market rallies, NuggetRush has emerged as the hidden gem, with projections of a 50x price surge. 

After months of waiting, the highly-anticipated Dencun upgrade has finally been deployed on the Ethereum mainnet. The latest upgrade promises to drastically reduce the transaction fees on the network while increasing the scalability of Ethereum.

On the other hand, Bitcoin continues to forge ahead, pegging its latest ATH above $73,600, but CryptoQuant believes the rally will continue. As the broader crypto market rallies alongside, NuggetRush has emerged as one of the top altcoins to watch.

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Bitcoin (BTC) Could Extend Its Gains: CryptoQuant Analyst

Following a 50% price pump over the past 30 days, Bitcoin (BTC) has rallied to a new ATH above $73,600. While the performance of BTC has been nothing short of impressive, a CryptoQuant analyst has predicted that the leading crypto could extend its gains in the coming weeks.

Axel, a CryptoQuant Research and Data Analyst, explained that the Bitcoin price rally is still in its infancy, based on the UTXO P/L Supply Ratio Momentum metric. Based on other analyses, the price of Bitcoin could increase above $80,000 after a mild drop.

The sentiment of CryptoQuant has been further confirmed by on-chain metrics. With the growing FOMO, over 277,000 new addresses holding less than 0.1 BTC have been added in the past two weeks, hinting that more investors expect more price increases in the coming weeks. 

NuggetRush (NUGX) To Thrive In 2024 Meme Bull Market 

With the growing bullish sentiment around Bitcoin, the cryptocurrency market has been tipped to experience a major price increase in 2024. Most moving cryptos will head up, but NuggetRush (NUGX) has become highly rated as one of the altcoins that could create a name for itself in 2024.

NuggetRush has drawn a lot of investors with its special integration of meme culture, GameFi, and play-to-earn (P2E) basics. The project is built around an immersive virtual reality world that gives players a remake of the gold rush. 

Within the game, players will enter into mining challenges, build, and develop operations in search of gold. What is the most curious feature of NuggetRush is that the coins found by the players in the virtual world can be converted into real gold or money – one of the best crypto investments.

Owing to this profitable earning opportunity, NuggetRush has turned into a fashionable trend in the crypto world. Recently, more than 226 million NUGX tokens have been sold, and the project has raised over $3 million in its cryptocurrency ICO. 

NUGX is currently being sold at $0.019 per coin, but the crypto community projects that it can give 50x returns in 2024, thus making it one of the best altcoins to buy.

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Ethereum (ETH) Dencun Upgrade Goes Live, Price Remains Above $4,000

The long-awaited Dencun upgrade has been released on the Ethereum Mainnet after more than a year since the last major upgrade. Dencun introduces nine large changes in the network, but the most important is EIP 4844, often called “proto-danksharding” by the community.

The increase will improve the scalability of the Ethereum blockchain to the data blobs capacity, and layer 2 rollups are expected to become cheaper. This enhancement would reduce the gap Ethereum has over even more efficient chains such as Solana, Fantom, and Aptos.

As a major hard fork, the price of Ethereum is anticipated to be positive. Nevertheless, the value of altcoin has been more or less stagnant at the level of $4,000 support. If it breaks over the current consolidation, Ali Martinez expects ETH to rally to $5,000.

Closing Thoughts 

The positive projections by the CryptoQuant analyst make Bitcoin a top crypto to buy in 2024. But, those buyers who are searching for more profits have shifted to NuggetRush, as it entails a lot of potential along with earning opportunities.

At the same time, the launch of Dencun is a milestone in the scalability path of Ethereum. Considering that it is a considerable improvement, the cryptocurrency community is still optimistic that it can lead to a price hike.

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