Home Markets Ethereum Posts Double-Digit Gain in 24 Hours Adding $25 Billion to its Market Cap

Ethereum Posts Double-Digit Gain in 24 Hours Adding $25 Billion to its Market Cap

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Ethereum Posts Double-Digit Gain in 24 Hours Adding $25 Billion to its Market Cap

Ethereum (ETH) records increased buying pressure as the blockchain moves towards history Merge Upgrade which will initiate the staking mechanism. In addition to the network development activity, the second cryptocurrency also benefiting from the positive market reaction to the CPI data.

Indeed, at press time, Ethereum was trading at $1,875 to register gains of nearly 12% in the past 24 hours. During the first hours of trading on August 11, Ethereum also peaked at $1,907, according to CoinMarketCap The data.

Ethereum 1-day price chart. Source: CoinMarketCap

Additionally, Ethereum is also seeing an inflow of capital, with a market cap of $230.45 billion, adding $24.06 billion to $206.39 billion in the past 24 hours.

1-day Ethereum market cap chart. Source: CoinMarketCap

Ethereum gains momentum as merger nears

Notably, over the past few weeks, Ethereum has mostly engaged in bullish dynamic with the Merge upgrade which will move the proof-of-work network (PoW) mechanism emerging as a key catalyst.

The latest rally in the asset also comes after Ethereum developers successfully conducted the third and final testnet (testnet) for the merger. The upgrade dubbed “Goerli” is significant because it is considered a dress rehearsal for the merger.

Ansgar Dietrichs, a researcher at the Ethereum Foundation, confirmed the latest development of a Tweeter uploaded August 10.

It should be noted that Ethereum’s transition has been repeatedly delayed, with developers noting that the slow progress allows ample time for research, development, and implementation.

The impact of Merge on the future of ETH

Additionally, crypto players anticipate that the merger will inject more capital into Ethereum, as the upgrade will likely position ETH as a store of valuable assets.

For example, Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, believes that a post-merger era will inject more capital into the asset.

Elsewhere, Ethereum’s gains correlated to general buying pressure as the market reacted to a drop in the US inflation rate. As reported by Finbold on August 10, the crypto market cap fell from $1.092 trillion to $1.142 trillion in one hour.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.

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