ETH jumped 12% ahead of Merge with investors holding high hopes for the cryptocurrency, so read more today in our latest ethereum news today.
Ethereum’s ETH surged 12% as Merge rapidly approached and the bullish price movement is closely tied to the Merge event which is expected to occur in September. The highly anticipated upgrade will move ETH from the PoW blockchain network to the PoS network and the upgrade is expected to improve the scalability of the network but also reduce the carbon footprint. Along with the trial of the latest fork is, the activity of ETH-based applications is also increasing.
The total value locked on various DEFi apps jumped 3.44% to $76.74 billion and top apps include Aave, Curve, MakerDAo and Lido. The price of BTC has also increased by 5% in the past day and is trading around $20,916. Bitcoin is the top crypto with a market cap of $397.6 billion, but it is down 69% from the ATH of $68,789 that was set in November according to data from CoinGecko. For Bitcoin, the growth of non-zero balance BtC addresses shows that there has been an increase in on-chain user activity and that there are 42.5 million addresses with non-zero balances, which is a new high for the metric.
Other major cryptocurrencies also made bigger gains, including Solana which rose 13%, XPR which rose 8.8% and DOGE which rose 6.7%. the global crypto market cap has gained 6.49% over the past day and despite recent gains, the total market cap is down 68% from the $2.9 trillion ATH, as data from CoinMarketCap suggests this. The latest surge will face serious headwinds at the end of the month, as the FED is expected to raise interest rates again by 75 basis points after inflation hit 9.1% earlier this week. , which has not been the case for the past 40 days.
A few days ago we saw Ethereum revisiting the key support line after starting a fresh drop below $1200 and ETH could drop further if there was a close below $1150. the price is now trading below the $1200 level and the 100 hourly simple moving average, but there is also a major downtrend line with resistance near $1180 on the hourly chart of the pair which may continue higher fall if there is a close below the $1150 level.
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