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Prices Rise as Ethereum Merge Boosts ETH, Tied Tokens

Cryptocurrency markets trended higher on Thursday afternoon in Asia, with the global market capitalization up 0.4% in 24 hours, trading at $995.9 billion, still below the benchmark. of 1,000 billion dollars under which it fell last night. All of the top 10 cryptocurrencies by market capitalization, except Bitcoin, strengthened.

See related article: Markets: Bitcoin Little Changed; Ether, Eth Classic gains lead ahead of merger

Fast facts

  • According to data from CoinMarketCap. Ethereum rose 1.1% to US$1,610 following its successful merger today. Currencies linked to the ETH merger, such as LDO and Celsius, saw the strongest growth among the tokens.
  • Ethereum’s outperformance against Bitcoin comes after the completion of its multi-year plan to transition its blockchain from proof-of-work to proof-of-stake. According to experts, this successful initiative could change the future of the Defi ecosystem forever.
  • In preparation for the merger, major challenge protocols had taken “extraordinary protective measures,” Jaime Baeza, CEO of crypto hedge fund ANB Investments, told Forkast in an email. Baeza added that futures in the crypto market are trading backward in the morning, which means that current digital asset prices are trading higher than prices traded in the futures market.
  • After ETH/USD price jumped last month, global market analyst James Trescothick of Cyprus-based trading platform tixee predicted in an email that a stronger Ethereum rally was only to come. not likely. “It’s been around for a while, so there’s no element of surprise… The question is – is this the start of something bigger for Ether?”
  • Asian stock markets were mixed on Thursday. The Shanghai SE Composite Index was the worst performer, losing 1.2%. Hong Kong’s Hang Seng gained 0.6% and Japan’s Nikkei 225 rose 0.2%.

See related article: All aboard the right Ethereum ship for The Merge. Next stop?