The market is doing all it can to stay resilient, and tap from a unique internal crypto-born fundamental to ignite its natural growth trend.
The digital currency ecosystem is experiencing a bullish resurgence today as most cryptocurrencies are trading higher. Bitcoin (BTC) is up 8.57% in the past 24 hours to $21,003.54. Ethereum (ETH) is changing hands at $1,704.14, up 4.05% as the second-largest digital currency is impressively trading above the $1,600 support level.
The growth is an encompassing one and has revived a number of altcoins that have recorded massive downtrends in the past month. Binance Coin (BNB) is up 4.86% to $292.58, and Cardano (ADA), the alleged Ethereum-killer has slumped by more than 84% from its All-Time High (ATH) of $3.10 and is also seeing a resurgence today. The coin is up 4.85% to $0.4956. Solana (SOL) is also trading up 7.42% to $35.36.
It is not really clear what is pushing the market at this time, but the growth trend is mimicking a similar move in the broader stock market. The market seems to be used to the impact of hiked interest rates as Central Banks around the world are working relentlessly to tame inflation.
The STOXX Europe 600 (INDEXSTOXX: SXXP) was trading up 1.49% to 420.28 at the time of writing. The European stock market remained healthy despite the European Central Bank (ECB) raising interest rates by 75 basis points to curb raging inflation.
The same trend was visible in the US stock market and this positive growth trend accounts for what has trickled down to restore the health of the crypto market. With the resurgence that has been recorded thus far, the combined digital currency market cap is now trading up 5.63% to $1.03 trillion.
Triggering Bullish Resurgence: The Ethereum Factor
Thus far this year, the digital currency industry has always been wading from the influence of the confluence of macroeconomic factors emanating from the aftermath of COVID-19, the war in Ukraine, and the ensuing inflation.
Thus far, the market is doing all it can to stay resilient, and tap from a unique internal crypto-born fundamental to ignite its natural growth trend. This fundamental is currently being derived from the Ethereum protocol with the forthcoming Merge of its Proof-of-Work (PoW) system to Proof-of-Stake (PoS).
Thus far, only the Paris upgrade that will activate The Merge event is yet to be activated. Bellatrix Upgrade went live on the Beacon Chain earlier this week, reassuring investors of how close the new era of the Ethereum blockchain is to be ushered in.
The sentiment bordering on the Ethereum protocol has made the native token an attractive option for both retail and institutional investors. Thus far, quite a number of investment platforms, including Swiss-based digital bank SEBA Bank, announcing they will be able to launch Ethereum staking services once the merge is complete.
The Ethereum sentiment has trickled down to its associated tokens, and other so-called digital currencies are on an uptrend today.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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