Ethereum

Ethereum Visits $1.5K While Bitcoin Charts Fresh Monthly High


Ethereum visits $1.5K while Bitcoin charted a new monthly high while some other altcoins like ETC, AVAx and MATIC are up by double digits as well so let’s have a closer look at our latest altcoin news.

The bull is taking control as the market continues entering the green and Bitcoin spikes to a new monthly high above $22,400. Other altcoins are already in the green with ETH charting a peak of its own of $1500 and MATIC soaring by double digits. The past few days went well for most altcoins and Ethereum led the way. It was likely due to the announcement of the date set for the Merge event. Ethereum visits $1.5K after it dropped to $1000 at the start of July. It managed to add another 50% of value since then and it might surge higher than $1500 and the 9% increase in the past 24 hours.

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ETHUSD daily price chart. Source TradingView

Other mid-cap altcoins saw some increases as well with MATIC being among those that surged by 18% to $0.9 and the asset was up by over 65% in one week. ETC saw a similar percentage surge in one day and trades at $23. OKB and AVAX are up by 10% both. Some of the smaller coins made some smaller gains as well but they are still performing well. A few of them include ADA, SOL, SHIB, BNB, XRP, and DOGE.

The cumulative market cap of all assets added another $100 billion in the past two days and the metric surged above $1 trillion for the first time in weeks. The main cryptocurrency dumped hard a few days ago after the latest US CPI numbers and the extreme volatility pushed the asset below $19,000. However, the landscape is changing as BTC reacted well to the drop and started reclaiming value rather fast. It surpassed the $20,000 level and eyes the $21,000 support zone. The past 24 hours turned out to be bullish as the biggest crypto by market cap added another $1500 to its value and soared to $22,500 where it is currently located and marking the highest price level in over a month.

crypto market eth
Cryptocurrency Market Overview. Source Quantify Crypto

Ethereum which is expected to emerge from the current PoW blockchain to an energy-efficient PoS outpaced BTC with a 7.7% surge. After hitting a new high of $1,486, ETH backtracked to $1475 which is a level not seen since June. Ethereum is eyeing the next psychological level of $1500 and made an impressive 28% over the past week. As both ETH and BTC posted gains, the rest of the market is in the green today with the market cap of all cryptocurrencies jumping back to $1 trillion.

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