Ethereum Rose 80% in the 30 Days, It Might Keep Up the MomentumAugust 13, 2022
In the course of the last month, Ethereum, which is the world’s second leading cryptocurrency, has displayed a stellar performance. The top asset has had a price rally that saw it shoot up exponentially by as much as 80%. This is according to data released by the crypto sector information aggregator, Santiment.
Santiment’s Internal Analysis
Santiment’s team of analysts is saying that there is a high possibility that Ethereum’s growth continues. Ethereum has hit the $2000 mark in the early hours of today. It was a price position last seen in the month of June.
The Chinese crypto reporter and blogger Colin Wu was the one who broke the news that Ethereum has hinged slightly higher than $2000. He shares the exciting news with the Ethereum community via his publishing blog. Wu equally stated in the same publication that more Ethereum assets had been liquidated after the rise, a figure which he puts at $125 million.
What came before the latest growth, according to Santiment’s team of analysts, is that Ethereum has gained a consistent increase of more than 80% over the last 30 days. Not just Ethereum, however. Other altcoins in the crypto market have been doing very well since the month of June due to the sudden crypto market rally.
Santiment stated its corporate belief via Twitter, where it said the euphoria in the market is not so high concerning Ethereum and other altcoins. The firm said it is probably a huge sign that the current growth trajectory might continue a little further.
Anticipating the Merge
The price of Ethereum went as low as within the $1000 range toward the end of June and all through the month of July. But since a definite date for the Ethereum Merge update has been announced, and it looks real, the asset’s price has kept rising almost unchallenged.
The Ethereum Merge is the movement of Ethereum from a proof-of-work protocol to a proof-of-stake protocol totally. This transition has been said to be aimed at improving the network’s scalability and security, among others.
The Ethereum Merger is finally expected on the 19th of September.
The crypto market suddenly jumped out of its slumbering stage in June. The market has suffered a sharp fall since February as a result of global financial instability. Some market observers do think, however, that it might be a bearish consolidation for some assets.