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Bitcoin Soars As Ethereum Rises

Navigasi - Bitcoin follows Ethereum Bitcoin (BTC) price has surged over 5% at the time of writing and is trading around $20,916.

Bitcoin Soars As Ethereum Rises
Bitcoin Soars As Ethereum Rises

Bitcoin, the leading crypto asset with a market cap of $397.6 billion, however, is still down 69% from an all-time high of $68,789, set in November 2021, according to data from CoinMarketCap.

The latest run-up is likely to face serious challenges later this month. This is because the Federal Reserve is expected to raise interest rates by another 75 basis points after inflation hit 9.1% earlier this week, a figure not seen in 40 years.

Ethereum had jumped 12% on Friday (15/07) during the “Merge Event” where investors had high hopes for

Ethereum (ETH) briefly rose 12.76% soaring past $1,200.

Ethereum's bullish price movement can most likely be attributed to the successful testing of one of the last tests before the Merger by Ethereum core developers yesterday. The event itself is expected to take place in September.

The much-anticipated update will transition Ethereum from a proof-of-work (PoW) blockchain network to a proof-of-stake (PoS) network. This increase is expected to increase the scalability of the network and reduce its carbon footprint.