Ethereum rallies 10% past $1,500 for the first time since The Merge
The price of Ethereum (ETH) was today trading at its highest price following its move to a proof-of-stake (PoS) consensus last month. At one point, Ether was swapping hands at $1,570, up 14.8% in the last 24 hours.
ETH witnessed a short spike on 25 October that saw the cryptocurrency hit a daily high of $1,509.99, the first time the second largest cryptocurrency rose above the $1,500 threshold since The Merge took place on 15 September.
Ethereum began to settle to around the $1,460 level the same day, before climbing back up in price on 26 October. At the time of writing, Ethereum was trading at $1,575.
Bitcoin clears $20,000
Bitcoin (BTC) has also rallied in tandem with ETH as it pushed past its resistant level of $20,000. As of 26 October, BTC was trading at $20,827, up 6.8% in the last 24 hours.
Other popular altcoins are also enjoying a positive rally – dogecoin (DOGE) was trading at $0.069, up 10% in the last 24 hours, while solana (SOL) hit a high of $32.07, up 9.7% in the last 24 hours.
The toncoin (TON) token also emerged as one of the biggest gainers of the day, with its price surging more than 20% at one point to a high of $1.91.
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What’s prompted the green shift?
There could be a series of factors linked to the wider cryptocurrency market going green. Analysts have referenced links between the appointment of UK Prime Minister Rishi Sunak and his optimism towards cryptocurrencies as a positive signal for the market.
Some analysts have also pointed towards the news surrounding UK lawmakers voting towards bringing cryptocurrencies within the scope of regulation and recognising crypto as a financial instrument.
Ethereum entered 2022 trading upwards of $3,600, and has witnessed a steady decline in price over the last few months.
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