The crypto market continued its tear overnight Thursday in Asia with Bitcoin and Ethereum trading up 4% and 6%, respectively, in the 24 hours before business hours on Friday.
See related article: Crypto, traditional markets see bump as Fed raises rates
Fast facts
- Bitcoin was changing hands at its highest point in over a week at US$23,845 on Friday morning, while Ethereum was listed at US$1,725 — its highest point since early June.
- Solana was the biggest mover in CoinMarketCap’s top 10, gaining 8% in 24 hours to trade at US$42.91 early Friday morning — its highest price in just under a week.
- These gains are a continuation of the jump both crypto and traditional markets made in response to the U.S. Federal Reserve raising interest rates to combat ongoing record inflation on Wednesday.
- Ethereum co-founder Vitalik Buterin recently said “The Merge” is not yet priced in, both in market and psychological terms.
- Speaking in an interview with Bankless at the Ethereum Community Conference last week, Buterin said “once the Merge happens, morale is going to go way up.”
- The Merge refers to Ethereum’s gradual transition to Eth2 where it will shed its proof-of-work consensus mechanism for the more power-efficient proof-of-stake.
See related article: Ethereum price surges amid bounceback, tenth shadow fork going live