Ethereum continues to lead cryptocurrency price action
Ethereum has been the quickest out of the blocks this week following Friday’s downward market reaction to the US Federal Reserve reinforcement of its stance on interest rates.
Comments from official sources within the reserve led to a market-wide dip that saw Bitcoin slump to $19,500 and Ethereum stumble from $1,700 to $1,420.
However, the second-largest cryptocurrency by market cap enjoyed a strong weekend, particularly over the last 24 hours which has seen the price of Ether rise by nine per cent to $1,600.
It’s been an impressive month for Ethereum as digital assets across the board attempt to recover from a period of intense downward action.
Most of the strength behind Ethereum’s movement comes from the much-anticipated ‘Merge’ which will see the blockchain move from being a proof-of-work (PoW) asset to proof-of-stake (PoS).
The update to the network consensus test is widely regarded as the biggest upgrade to Etheruem throughout its seven-year history.