Crypto prices continued to soar in Tuesday trading amid renewed investor confidence about the future of the economy and the long-anticipated Ethereum Merge.
Bitcoin blasted through the $23,000 threshold early in the day, rising over $23,700 at one point. The largest cryptocurrency by market capitalization was recently trading near $23,600, a more than 6% gain during the previous 24 hours and up approximately 20% from a week ago. Yet, bitcoin's performance pales next to ether, the token of the Ethereum blockchain, which has skyrocketed about 50% over the past seven days as updates trickle in about the Merge. The Merge will shift the protocol from its current, energy-sapping proof-of-work model to a more environmentally friendly proof-of-stake one. The second-largest crypto by market cap after bitcoin was cruising comfortably above $1,500, a more than 1.5% increase over the previous day.
"Crypto may be finding a bottom," Noah Hammond, the CEO of asset manager AdvisorShares, told CoinDesk TV's"First Mover" program."It feels like we're in this pricing trough, bouncing off the bottom and then hitting up to the top. And over the last month, ether has been moving up significantly.
Ether's options market turned upward on Monday, showing a bias for strength in ethereum's native token for the first time in over six months. Meanwhile, for once, the crypto day's headlines were largely absent the latest revelations about embattled crypto lender
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